Princely advice for Asia's wealthy families
With the region's ranks of millionaires swelling, a Liechtenstein royal has old money expertise in how assets are secured for next generation
The increasing number of wealthy families across Asia has prompted Prince Michael of Liechtenstein to plan an expansion of his financial firm in the region to help them pass on their assets to the next generation.
Prince Michael, a member of the royal family of Liechtenstein, is president of Industrie und Finanzkontor, which provides trustee and risk management advisory services to wealthy families.
Speaking to the South China Morning Post in Hong Kong, he said Hong Kong, Shanghai and other Asian cities would be high-growth areas for wealth preservation services.
"Our family has passed on our wealth over 700 years, including many wars and financial crises. Our experience can be shared with our mainland clients on how to break the curse of the Chinese saying that wealth cannot be passed through three generations," he said.
"With strong economic growth and an increasing number of millionaires in the region, we believe the services of wealth preservation for families here will increase."
The company has no representative in East Asia but the prince and other senior officials visit often to meet customers.