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As a new generation in Vietnam begins to inherit money, assets, and family wealth from grandparents and parents, the country is also entering a broader global phase of intergenerational wealth transfer. In this transition, differences in accumulation mindset, investment attitudes, and approaches to asset and financial management can determine whether inherited wealth is preserved and grown.
Speaking on VTV8’s Wealth Box Talk, Mr. Nguyen Ky Minh, Chief Economist of Guotai Junan Vietnam Securities (IVS), said young people should learn asset and financial management early and consider working with professional, reputable asset management organizations to identify approaches suited to their families’ circumstances.
Mr. Minh described the current global environment as the “great wealth transfer,” referring to the movement of assets from Baby Boomers to Millennials and Gen Z. He estimated that about 31 trillion USD in total value will be transferred globally in the next decade, through 2035, by individuals with assets over 5 million USD.
He also noted that asset relocation across borders has become a growing trend. According to the statistics cited, 2025 saw a record 142,000 individuals with ultra high net worth migrate across borders, a figure projected to rise to 165,000 in 2026.
These shifts can create challenges due to differences across generations in awareness and investment preferences, as well as regulatory differences, market practices, development levels, and existing financial products.
Geographically, North America still dominates, accounting for more than 53% of the growth in global financial assets in 2024–2025. However, Asia is rapidly closing the gap.
Mr. Minh pointed to China as an example of how an “inheritance society” is forming. He estimated that 2.1 trillion USD will be transferred in China from 2025 to 2035 by individuals with assets over 5 million USD. He attributed part of this to the aging of the super-rich, noting that the share of those holding over 5 billion yuan aged over 60 increased from 23% in 2016 to 49% in 2025.
He also highlighted a legal gap: China currently does not have an inheritance tax, which creates incentives for families to transfer assets sooner. At the same time, discussions around introducing such a tax are pushing ultra-wealthy Chinese toward more trust-based solutions.
Mr. Minh said Vietnam is in the “hottest stage” of this process, particularly as large family-owned groups transfer power. Unlike the West, where asset management markets and tools are more developed, many wealthy Vietnamese hold assets mainly in real estate or shares of private companies. These assets can be difficult to divide, often illiquid, and may be prone to disputes.
He added that the number of ultra-high-net-worth individuals (UHNWI) in Vietnam is among the fastest-growing globally, at about 10–15% per year. As a result, demand for asset management in Vietnam is becoming increasingly urgent.
Intergenerational asset transfer demand is also rising because older generations who built large wealth are approaching retirement age.
Mr. Minh identified three key challenges facing asset transfer in Vietnam today:
He said Vietnam is moving quickly toward alignment with international standards. For example, starting January 2026, the legal framework for digital assets and a pilot regime for a crypto-asset exchange will begin, which may support asset transfer and management for Generation 2, who are more technology-oriented.
Mr. Minh emphasized that the asset-transfer phase is typically the toughest stage in a wealthy family’s lifecycle. He referenced the common saying that wealth does not stay in a family for more than three generations, saying it reflects inheritance gaps.
He cited several globally common issues:
On solutions, Mr. Minh said parents should plan to expose children to management and investing early. Instead of transferring large assets at a late stage, young people should be given a certain amount to hold and invest from adulthood—around 18 (or after university, roughly 22). He said this can help them learn decision-making, preserve and grow wealth, resist short-term temptations, and build good habits for managing large assets when they officially take over.
He also outlined IVS’s approach. He said IVS’s advantages include being part of a multinational company, understanding many markets, and serving clients with assets who seek wealth preservation with risk controls and service quality comparable to the Chinese market. For high-net-worth clients, he said IVS can build investment strategies using qualitative and quantitative assessments with large datasets and use AI to tailor solutions to each client’s circumstances, then implement them comprehensively.
For Vietnamese clients, he said IVS can draw on practices from leading markets such as China to provide Family Office services, including estate planning, multi-asset portfolio management, and family-business structuring. He added that, as a licensed brokerage, IVS also aims to provide cash-management and corporate-structuring solutions to support succession while maintaining business continuity and addressing large financial needs across generations.
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