But while expensive camps for ultra-rich kids are a time-honoured client perk, the new-age demands of millennial heirs are forcing institutions to change and personalize the programs. Rather than focus entirely on the old-economy industries behind most Asian family fortunes, much of Generation Next is interested in carving their own path and making a difference at the same time.
(Nov 4): At the bank-run summer schools for heirs of some of Asia’s wealthiest families, visits to factories and shipyards are out; crash-courses in start-ups and impact investing are in.
In July, the Bank of Singapore, one of Asia’s largest private banks, hosted the children of some of its top clients at its GenINFINITY Program. Over five days at the Four Seasons Hotel they were taught the fundamentals of staying rich – from the ABC’s of private equity to the rudiments of hedge fund investing. Evenings were spent networking at Michelin-starred restaurants and the city’s most exclusive bars.
