Crazy rich Asians: the next generation – and the struggle to make a success of succession

“Believe it or not, there are times when I want to do so many things but the investment committee says no, and I have to respect that,” he said. “This is about discipline as well and we believe in having good constitutions, councils, and standard operating procedures.”

The Chaudhary clan, like many of the Asia-Pacific’s richest families, know well the value of having structures and rules in places to ensure that their wealth endures and can flourish across the generations.

Checks and balances provided by the Chaudhary Group’s investment committee and family council ensure that the business and social philosophies laid down by its founder and president – Binod Chaudhary, 68, Nepal’s first and only billionaire – continue to be followed.

These guidelines dictate the governance of businesses that account for approaching 10 per cent – or about US$3.6 billion – of Nepal’s US$40 billion gross domestic product, as well as the family’s interests in other parts of emerging Asia and Africa, and expansions into the US, Europe and elsewhere.

Such structures have increasingly been thrust into the spotlight during a pivotal decade of wealth transfer for many of the region’s most affluent families, as first-generation founders begin to enter their twilight years and succession plans become ever more important.

How exactly to hand over the reins is a decision that many prosperous business dynasties – in Asia especially – have been happy to put off until now for fear of change, but wealth managers such as Lee Wong, head of family services for Asia at Swiss private bank Lombard Odier, say a watershed moment is fast approaching.

“Transition is becoming quite real. The volume of wealth transfer is fairly large at this inflection point,” she told