Nine out of ten Russian entrepreneurs have no succession plans
in place for their business, UBS research has found.
According to the study, Russia’s Wealth Creators,
Russia’s serial entrepreneurs are actively involved in their
business and place greater emphasis on creating wealth through
their operating businesses rather than wealth management.
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Two thirds (68%) of respondents established estate plans, while
only 16% have developed long-term personal wealth plans.
The research found Russian entrepreneurs do not plan more than
two years ahead, which effects how they manage both their business
assets and personal wealth.
Keeping it out of the family
More than half of participants (58%) do not expect immediate
family members to be actively involved with the business at any
time in the future.
Only in 16% of cases family members, other than the
entrepreneur, hold company shares.
The research was conducted among 19 wealth creators with
personal wealth of more than $50m, whose Russia-domiciled
businesses had annual turnovers between $50m-$1bn.
