Asia's wealthy families invest to 'maintain lifestyle' and 'stay rich'

SINGAPORE -- Family offices in Asia are increasing their presence as investment entities. According to a survey, total assets under management grew 60% in 2022 from the previous year.

What kind of asset management do the superrich in Asia do? Lee Wong, the Singapore-based head of family office services at the Swiss private bank Lombard Odier, told Nikkei that the majority of family offices invest to maintain a current lifestyle rather than change it, with "a desire not to lose assets in the face of increasing market volatility."