【STEP】英文2025財富態(tài)度-探索關(guān)于財富、稅收和社會責(zé)任的發(fā)展觀點(diǎn)

ATTITUDESTOWEALTH

Exploringevolvingperspectiveson

wealth,taxationandsocialresponsibility

STEP-

ADVISINGFAMILIESACROSSGENERATIONS

ATTITUDESTO

WEALTH

ATTITUDESTOWEALTH

Exploringevolvingperspectivesonwealth,taxationandsocialresponsibility

D

STEP

ADVISINGFAMILIESACROSSGENERATIONS

STEP

ArtilleryHouse,

11–19ArtilleryRow,

London,SW1P1RT,

UnitedKingdom

Telephone:+44(0)2037523700

Email:step@

AboutSTEP

STEPisaglobalprofessionalbody,withmorethan22,000memberscomprisinglawyers,

accountants,trusteesandotherpractitionersthathelpfamiliesplanfortheirfutures.

Ourmissionistoinspireconfidenceinfamiliesplanningtheirassetsacrossgenerations

bysettingandupholdinghighprofessionalstandards,informingpublicpolicy,promotingeducation,andconnectingpractitionersgloballytoshareknowledgeandbestpractice.

FullSTEPmembers,knownasTEPs,areinternationallyrecognisedasexpertsintheirfield,withprovenqualificationsandexperience.

Asexpertsininheritanceandsuccessionplanning,STEPmembersdraftwillsandtrusts

andadviseonissuesconcerninginternationalfamilies,protectionofthevulnerable,familybusinessesandphilanthropicgiving.

?STEP2025

Allrightsreserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmitted,inanyformorbyanymeans,electronic,mechanical,photocopying,recordingand/orotherwisewithoutthepriorwrittenpermissionofthepublishers.Thispublicationmaynotbelent,resold,orhiredoutorotherwisedisposedofbywayoftradeinanyform,withoutthepriorconsentofthepublishers.

ThisreportisbaseduponthebesteffortsofSTEPtoprovideanaccuratedescriptionbaseduponinformationsuppliedtothem.Every

efforthasbeenmadetoensurethattheanalysisiscorrectandthatitssourcesarereliable,butitsaccuracycannotbeguaranteed,andnoresponsibilitycanbetakenforanyactiontakenbaseduponthisinformation.

ATTITUDESTO

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CONTENTS

EXECUTIVESUMMARY1

Introduction1

Keyfindings2

Thewayforward3

ABOUTTHISSURVEY4

Objectives4

Keyterms4

Framing5

Respondents5

Abouttherespondents6

Abouttherespondents’clientbase8

SECTION1:ATTITUDESTOWEALTHANDPURPOSE10

Clientsentimentandobjectivesfortheirwealth10

Themesofchange12

Concernsanddrivingfactors13

Regionalvariancesinclientobjectives14

SECTION2:ATTITUDESTOSOCIALRESPONSIBILITY15

Socialresponsibility:awarenessversusaction15

Themesofchangeacrossthespectrumofclients16

Barrierstosociallyresponsibleinvestment18

Charitablegivingandphilanthropy18

Thefuture21

SECTION3:ATTITUDESTOTAXATION22

Prevailingattitudestotaxation22

Changingattitudesandacceptanceoftaxation23

Differencesacrossclientgroups24

Taxpositivityandchangingmotivationsforobtainingtaxadvice25

Viewsonlanguagesurroundingtaxation27

Futuretrends29

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CONTENTS

SECTION4:ATTITUDESTOTRUSTSANDEQUIVALENTSTRUCTURES30

Sentimenttowardstrustsandequivalentstructures30

Theneedformoreeducation31

SECTION5:ATTITUDESTOCOMMUNICATION32

Acommunicationproblem32

Anopportunityforpractitioners34

SECTION6:THEROLEOFTHEADVISOR35

Whatroleshouldtheadvisorplay?35

Questionsandtopics36

Thosewhoaskarerewarded38

Theneedformoreeducation39

SECTION7:THEWAYFORWARD40

Futuretrendpredictions40

Demandsonpractitioners41

SECTION8:CONCLUSION42

Clarityonthestatusquoandoutlook42

Applyinglearningsandtranslatingintoopportunitiesforthewayforward42

Client-orientedindustryfocusedontailoredadvicetotheindividual43

ACKNOWLEDGEMENTS44

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EXECUTIVESUMMARY

INTRODUCTION

Atthe2024WorldEconomicForuminDavos,

Switzerland,250billionairesandmillionaires

undertheallianceofthePatrioticMillionaires,

andbywayofanopenlettertoworldleaders,

demandedthatglobalpoliticalleadersintroducewealthtaxestohelppayforbetterpublicservicesaroundtheworld.‘TaxtheSuperRich’wasa

protestermottothatcontinuedthroughtotheDavosForuminJanuary2025thisyear.

AttheG20inBrazil2024,offthebackofareportpublishedbyFrencheconomistGabrielZucmanintothefeasibilityofaglobalwealthtax,financeministersfromBrazilandFranceannounced

theirintenttotaxthewealthofbillionairesby

atleast2percentannually.Thisprompted

ministersfromGermany,SouthAfricaandSpaintobacktheproposal.

Itwouldseemthatcallsforwealthtaxesonthe

world’ssuperrichasameanstotackleinequalityaregainingmomentum–butiseveryonewho

fallsintotheemergingaffluenttoultra-high-net-worth(UHNW)wealthcategoriesreallycalling

forhighertaxationandwealthtaxes?Whatare

globalclientattitudestowealthandtaxationandtheirreactionstogovernmentproposals?What

arewealth,trustsandestatesadvisorsseeingandhearinginday-to-daypracticewithregardstoclientviewpointsandbehaviours?

STEP,astheleadingglobalprofessionalbodyforpractitionersspecialisinginwealthandestate

planning,decidedtoconductitsownindustry

researchtogetaclearerpictureofthestatusquoandanswerstothesequestions.

Whatarethecurrentattitudestowealth

witnessedfromwithintheindustryandhowdothesevaryfromoneregiontoanother?

Ourresearchprovidesevidenceof,andinsight

into,privateclients’attitudestowealth,taxationandbehaviouraltrends,asexperiencedand

reportedonbythepractitionersservingthem.

Italsodelvesintothequestionsandtopicareas

thatadvisorsraisewiththeirclients.Ourresearchfurtheraskedrespondentstocommentonthe

attitudesofthewealthytoresponsiblewealth

stewardship,andinturntheroleofadvisors

inaddressingtheseissueswiththeirclients.

Weconsiderhowourfindingsandthetrends

presentedcanbetterinformfutureapproachestowealthtransferandsuccession.

1

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KEYFINDINGS

Withresponsesfrommorethan900participantsfrom86countries,ourresearchprovides

aninterestingsnapshotofprevailingglobalattitudes.Weobservesixkeyfindings:

1.Financialsecurityforfuturegenerations

remainsthetoppriorityformostclients.Advisorsreportthattoday’sclientsare

moreinformedandintentionalabouttheirwealthobjectives.

2.Awarenessofsocialresponsibilityis

increasing,particularlyamongyounger

generations,butthishasyettotranslateintomeaningfulaction.

3.Whiletaxationremainsakeyconcern,

mitigatingtaxexposureisnotthemostinfluentialfactorforclientsandthereisashifttowardsamorebalancedapproach

prioritisingefficiency,complianceand

long-termwealthplanning.Generationaldifferencesmaydrivenewapproaches

totaxplanningandachangeinlanguagearoundtax.

4.Moreeducationisneededontrustsand

similarstructuresforclients,policymakersandthewiderpublic.

5.Avoidanceanddiscomfortindiscussingwealthwithfamilymembersremain

significantbarrierstoearlyandeffectivewealthplanning.

6.Mostpractitionersaretalkingtoclientsaboutresponsiblewealthstewardship,somemoreproactivelythanothers.Clientsgenerally

valueaholisticapproachthatleadstomorecomprehensiveandpersonalisedplanningthatalignswiththeirvalues.

2

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THEWAYFORWARD

Thenextdecadewilllikelyseeasignificantshiftinclientattitudes,influencedbyacombinationoftechnologicaladvances,geopoliticalrisks,

evolvingtaxpoliciesandgrowingsocial

responsibility.Thechallengeforpractitionerswillbetoadapttothesechanges,balancingtheneedfortax-efficientstrategies,ethicalinvestments

andmaintainingpersonalrelationships

withclientsamidincreasingrelianceonAIandautomation.

Inordertothriveinthecomingyears,

thisresearchpointstoseveralactionsforpractitioners.Theseinclude:

?Educatingclientsonwealthstewardship,

financialliteracyandhowtonavigatecomplexfamilydynamics.

?Adaptingstrategiestotheevolvingprioritiesofyoungerclients.

?Stayingaheadoflegislativechanges,advisingoncross-bordertaximplicationsandfindinginnovativewaystoachieveaclient’sendgoalsfortheirwealthandfamilysecurity,while

ensuringcompliance.

?Helpingclientsnavigatesustainable

investmentoptionsandbalanceimpactgoalswithfinancialreturns.

?Avoidingpitfallslikegreenwashing,

whileadaptingtoincreasingdemandfortransparencyandaccountability.Climatechangeandsocialjusticewillbetopics

practitionerswillneedtounderstandandsupportclientson.

?Providingexpertiseincross-bordertax,

immigrationpoliciesandinternationallaws

tohelpclientsnavigateincreasinglycomplexglobalscenarios.

?Positioningthemselvesastrustedadvisors,emphasisingthevalueofpersonalised

advice,incorporatingtechnologyresponsibly

tocomplementratherthanreplacehumanexpertise.

STEP,throughitsglobalnetworkandfocusoncontinuingprofessionaldevelopment,iswell-placedtosupportpractitionersthroughtheprovisionofeducationandthefacilitationofknowledgeandbestpracticesharingacrossgeographicandprofessionalboundaries.

Keyareasoffocusinclude:

1.Legacy,valuesandsocialcontribution–

enhancingeducation,trainingandawarenessaroundresponsiblewealthstewardship,

supportinglegislativechangesforsociallyresponsibleinvestments,andextendingawarenesstoclientsandsociety.

2.Dispellingmythsandimproving

knowledge–educatingclientsontrusts,

correctingpublicmisconceptionsand

keepingpractitionersinformedonglobal

developmentswhilestrengtheningtrainingonphilanthropyandcharitablegiving.

3.Industryleadershipandadvocacy

–advocatingfortaxtransparencyand

responsiblediscourse,preparingthenextgenerationforwealthmanagementandpromotingearlyfamilycommunication

throughadvisorysupport.

4

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OBJECTIVES

Inthissurvey,STEPsoughtto:

?gatherinsightinto,andevidenceof,evolvingclientattitudestowealthandtaxation;and

?establishbehaviouraltrendsandconsider

howthesemightinformfutureapproachestowealthandassociatedplanning.

Thequestionsfellunderfourbroadcategories.

1.Contextframing

?Whoareyouandwhereareyoubased,astherespondentpractitioner?

?Whoareyourclientsandwherearetheybased?

2.Clientattitudestowealthanditspurpose

?Whatareclientsexpressingregardingtheirintentionsandobjectivesfortheirwealth?

?Whichconcernsandfactorsareinfluencingtheirdecision-making?

?Whatactionsaretheytakingregardingtheirwealthplanning?

3.Clientattitudestowardstaxationandstructuring

?Whatviewsandperceptionsareclientsexpressingregardingtaxation?

?Whataretheirmotivationsandinfluencingfactorsforplanning?

?Whatistheirknowledgelevelandwhataretheirviewsonanystructuringmethods?

4.Viewsontheroleofthepractitioner

?Whatquestionsarepractitionersaskingtheirclients?

?Towhatextentarepractitionersinfluencingclientoutcomes?

ABOUTTHISSURVEY

Keyterms

Thefollowingtermswereusedinthesurveyandareusedinthisreport:

?Socialresponsibilityreferstothebroaderobligationindividualsorbusinesseshavetoactinthebestinterestsofsociety.

?ESGstandsforenvironmental,socialandgovernance.It'sasetofprinciplesand

standardsthatmeasureshowabusinessimpactstheenvironmentandsociety.

?Responsiblewealthstewardshipreferstosustainable,ethicalandlong-termwealthmanagement,withanemphasisonlegacyandpreservingvalueforfuturegenerations.

?Sociallyresponsibleand/orimpact

investingreferstoactivelyfocusingon

financialreturnsandmeasurablepositivesocietalimpactswhileavoidinginvestmentsthatengageinharmfulactivities.

?Wealthinheritorsareindividualswhoreceivesubstantialinheritancefromapreviousgeneration.

?Wealthcreatorsareindividualswhogeneratesignificantfinancialassets.

Generationalcohorts

(NOTE:Agerangesbasedonsurveyrunningin2024)

?Traditionalistsareindividualsover79yearsofage(peoplebornbetween1925and1945).

?BabyBoomersareindividuals60-78yearsofage(peoplebornbetween1946and1964).

?GenerationXareindividuals44-59yearsofage(peoplebornbetween1965and

1980).

?Millennialsareindividuals28-43yearsofage(peoplebornbetween1981and1996).

?GenerationZareindividualsupto27

yearsofage(peoplebornbetween1997and2012).

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FRAMING

Surveyrespondentswereaskedtoconsider‘theclient’astheprivateclienttheyserveand/orthebeneficiaryofwhoseintereststheyrepresent

(ifatrustee).

Surveyrespondentswereaskedtoconsidertheirclientbaseasawholewhenrespondingtoquestionsgearedtowardsunderstandingclientattitudes.

Surveyrespondentswereaskedtoconsider

theirownprofessionalpracticeandexperiencewhenrespondingtoquestionsgearedtowardspractitionerrole.

NOTE:Thesurveywasrespondedtobytrusts,estatesandtaxationindustrypractitioners

consideringtheirlivedpracticeexperiencesandperceptionsofclientattitudes.Clientsthemselvesdidnotrespondtothesurvey.

Itshouldbenotedthatrespondentswere

answeringthesequestionsinayearmarkedbysubstantialtaxationandpoliticalchangesinanumberofjurisdictions.

RESPONDENTS

Oursurveyranfrom24Octoberto13November

2024.InvitationsweresenttoallSTEPmembersthatareoptedintoreceivesurveyemails

(totalling26,672).Memberswereencouraged

tosharethelinkmorewidely.Wereceived909

responsesfromrespondentsin86countries.

RespondentsrepresentedallSTEPregionsandthefullspectrumofSTEPpractitionersacrosstheestateandwealthplanningsectors.Importantly,

theresultsreportedinthissurveycaptured

practitionerviewsandexperiencesacross

jurisdictions,professionsandexperiencelevels/yearsinpractice.

With909respondents,the‘AttitudestoWealth’surveyresultsarepresentedata95%confidencelevelandwithina+/-4%marginoferror.

Q8Howlonghaveyoubeenpractisinginyourareaofpractice?

(n=843)

9%14%27%24%27%

0-4years5-10years11-20years21-30years30+years

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ABOUTTHERESPONDENTS

Therewasafairlyevendivideacrossrespondentsoftheirperiodsof/timeinpractice.

Nearlyhalfoftherespondentsfellintothe

‘GenerationX’(44-59yearsofage)category,withanequalsplitof‘Millennial’(28-43years

ofage)and‘BabyBoomer’(60-78yearsofage)respondentsmakingupnearlytheotherhalf.88%ofrespondentswereSTEPmembers,11%non-membersofSTEP,and1%unsureoftheirmembershipstatus.

Q10Isyourpractice:

(n=798)

Mainlydomestic

●Mainlyinternational

Amixofboth

33%

41%

26%

Q1Whichcountryareyoulocatedin?

NOTE:Answershavebeengroupedintoregions(n=896)

26%

14%17%

7%

10%5%

6%6%

4%

4%2%

OceaniaUnited

Kingdom

MiddleEast

UnitedStates

AfricaAsiaCanadaCrownCaribbeanEuropeCentral

Dependencies(includingandSouth

Switzerland)America

6

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Q7Whichofthefollowingcategoriesbestdescribesyourprimaryareaofpractice?(n=841)

Lawyer/solicitor/attorney/barrister

Taxadvisor/accountant

Trustee

Wealthmanager/investmentadvisor/financialadvisor/banker

Familybusinessadvisor

Willwriter

Philanthropyadvisor

Academic

Other(pleasespecify)

35%

17%

17%

12%

4%

2%

1%

1%

12%

010203040

Q6Whatagebracketdoyoufallinto?(n=851)

4%

2%

26%43%25%

GenerationZ

Upto27yearsofage

Millennials

28-43yearsofage

GenerationX

44-59yearsofage

BabyBoomers

60-78yearsofage

Traditionalists

Over79yearsofage

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ABOUTTHERESPONDENTS’CLIENTBASE

Clientbaseswereacrosstheagerangeswiththemajority(approx.80%)havingBabyBoomer(60-78years)andGenerationX(44-59years)clients.Approximately40%spokeofhavingMillennial

(28-43years)andTraditionalist(over79years)clients,and20%areseeingGenerationZ(27yearsandunder)clients.

Respondentswereaskedaboutthewealthof

theirclients(definitionsarelistedinthetable

below).Whenaskedtoselectallthecategoriesthatapply,halfofrespondentssaidtheyserve

ultra-high-net-worthclients,64%servevery-

high-net-worthclients,60%servehigh-net-

worthclients,35%serveaffluentclientsand18%serveemergingaffluentclients.

Q12Indicatethewealthbracket(s)ofyourclientbase:(selectallthatapply)(n=800)

Ultrahighnetworth(networthgreaterthan

USD30million)

Veryhighnetworth(networthgreaterthanUSD5millionbutlessthanUSD30million)

Highnetworth(networthgreaterthanUSD1millionbutlessthanUSD5million)

Affluent(networthgreaterthanUSD100thousandbut

lessthanUSD1million)

Emergingaffluent(networthlessthanUSD100thousand)

50%

64%

60%

35%

18%

010203040506070

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Q9Indicatewherethemajorityofyourclientsarefrom:NOTE:Answershavebeengroupedintoregions(n=804)

25%

14%

14%6%

15%

7%

7%

3%2%

5%

1%

1%

Africa

Asia

Amix;no

majority

group

MiddleEast

OceaniaUnitedKingdom

UnitedStates

CentralandSouthAmerica

CanadaCrownCaribbeanEurope

Dependencies(including

Switzerland)

Q11Indicatetheagebracket(s)ofyourclientbase:(selectallthatapply)(n=798)

18%45%79%80%41%

GenerationZ

Upto27yearsofage

Millennials

28-43yearsofage

GenerationX

44-59yearsofage

BabyBoomers

60-78yearsofage

Traditionalists

Over79yearsofage

10

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SECTION1:ATTITUDESTOWEALTH

ANDPURPOSE

Finding:Financialsecurityforfuturegenerationsremainsthetoppriorityformostclients.Advisorsreportthattoday’sclientsaremoreinformedandintentionalabouttheirwealthobjectives.

CLIENTSENTIMENTANDOBJECTIVESFORTHEIRWEALTH

Respondentsreportthattheirclientsarelargelypositiveabouttheirwealth,with27%saying

clientsarewhollypositiveand55%sayinglargelypositivewithsomenegative.Less

than1%saytheirclientsarewhollynegativeabouttheirwealth.

Theimportanceoffamilyfeaturesmostheavilyinclients’objectivesfortheirwealth.Ensuringfinancialsecurityforfuturegenerationswas

atoppriority,with80%intendingtopassallormostoftheirwealthtofamily.Therewere

somedivergencesfromthis,however,with

respondentsreportingthatonaverage,2%of

theirclientsintentionallywishtoreduceorlimitfurtherwealthaccumulationand5%wishtogiveeverythingawayondeath.

Whiletheprioritisationoffamily-oriented

objectivescomesasnosurprise,andjustoverhalf(55%)ofrespondentshadnotnotedanychangeinclientobjectivesfortheirwealthoverthepast

tenyears,thiswasnotthecaseforall:oneinfiveofrespondentssaidthatthattheyhadseenchanges.

2%

5%

Q15Consideringtoyourclientbaseasawhole,howmanyofyourclientsintendto:NOTE:Graphdisplaysaverageproportionofclientsengagingineachbehaviourperrespondent(n=642)

80%

13%

PassallofmostoftheirwealthtofamilyPassafixedamounttofamilyandgivetherestawayGiveawayeverythingondeathReduceorlimitfurtherwealthaccumulation

Practitionertakeaway

Itisimportantforadvisorstoascertaintheirclients’objectivesfortheirwealthandnotmake

assumptions.Thereisaproportionofclientswithdivergingviewsthatmustnotbeoverlookedtoensuretailoredadvice.

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‘There’smoreofaconsiderationaroundhowmuch(wealth)isenoughtomeettheirfamilygoalsandobjectives.’

'Clientsappreciateconversationswiderthanjusttax.'

Q14Whatdoclientsmostcommonlyraisewithyouabouttheirobjectivesfortheirwealth?(selectuptothree)(n=692)

Ensuringfinancialsecurityfortheirfuturegenerations

Ensuringitisinvestedwell

Maintainingfamilyunity

Maintainingahighstandardoflivingandlifestylefortheirfuturegenerations

Establishingalegacytheywillbepositivelyrememberedby

Avoidingentitlementintheirfuturegenerations

Preservingentrepreneurialspiritintheirfuture

generations

78%

45%

36%

32%

20%

19%

11%

01020304050607080

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THEMESOFCHANGE

Delvingintothesechanges,theleadingtheme

wasclients’attitudeshiftfromimportanceplacedonwealthgrowth/creationtopreservationand

maintenanceinordertomaintainwealthsecurityandintergenerational(andmultigenerational)

wealthtransfer.

Otherthemesofchangeinclude:

?Taxation:clientsbeingmoretaxrisk-averse,acceptingofincreasedtransparencyand

focusedoncomplianceandensuringtheypaytherightamountoftax.

?Simplification:withpeopleliving

increasinglymobileandbusylives,clientsareseekingtosimplifywealthmanagementandavoidcomplexity(evenatthecostof

payingmoretax).

?Legacy,valuesandsocialcontribution:

clientsaremoreconcernedaboutlegacy

andtheimpactoftheirwealthonfamily

andsociety.Moresocialconsciousnesswas

cited,withanacknowledgementofwealth

inequalityandsocial(in)justiceandadesiretocontributepositivelytosociety.

?Charitableandphilanthropicgiving:

generationalshiftsinpatternsofgiving;

whileoldergenerationsaremoreinterestedintraditionalcharitablegivingandlegacy

giving,youngergenerationsareincreasinglyinterestedinintegratingsocialimpact

intotheirwealthstrategieswithESG

(environmental,socialandgovernance)

investing,socialimpactinvesting,strategicphilanthropyandlifetimegivingfeaturing.

?Responsibilityforandaccountabilityofthenextgeneration:clientsplaceimportanceonpreparingthenextgenerationformanagingwealthresponsiblyanddoingsoearlyon,

teachingfinancialliteracy,governance,

leadershipr