Despite this, only 30% survive into the second generation and a mere 10% reach the third, PwC's 2022 Asia-Pacific Family Business Survey reveals.
Family businesses form the backbone of Asia's economies, yet their future beyond the next generation is not always certain.
According to KPMG's 2023 report The future of family businesses in Asia-Pacific", family businesses account for 60% of listed companies and employ nearly 70% of the workforce in Singapore.
