The empire heirs: China’s new billionaire successors step into power

China is on the cusp of the largest wealth transfer in modern history. The 2025 Hurun Rich List shows that 1,434 Chinese individuals now possess 5 billion RMB ($700 million) or more, up 340 people from last year, with total wealth rising 42% to $4.2 trillion. But the real story isn’t the money — it’s the wisdom. With the average age of China’s first-generation entrepreneurs now hovering around 60, a tremendous inheritance wave is beginning. And unlike their Western counterparts, these Chinese heirs aren't just receiving billions; they’re inheriting empires and, more importantly, the knowledge of how to scale them. Beyond assets, this is a transfer of operational DNA. Two-thirds of China’s 1,434 billionaires were not on the rich list a decade ago. These are founders who built their fortunes from scratch, mastering everything from global supply chains to digital marketing in a hyper-competitive market. Their children grew up at the dinner table of the world’s most dynamic economy, absorbing lessons in brand building, premiumization, and global expansion as part of their upbringing. As these families enter a “large-scale inheritance” phase, they are rewriting the rules of succession, with profound implications for luxury brands, wealth managers, and the global economy. The end of the ‘rich kid’ stereotype: From passive heirs to active apprentices The old saying, “The first generation builds, the second enjoys, and the third destroys,” is gradually losing relevance in China. Why? Because the transfer of power is no longer happening after founders pass away — it’s happening now. Increasingly, Chinese family businesses are choosing succession in advance, with the next generation stepping into real business responsibilities before the founders retire. These heirs have seen firsthand how their parents built brands amid the rise of e-commerce and social media. They’ve seen how they started from zero, competed with global giants, and ultimately won market share. Zhao Zelong, son of the founder of Qumei Furniture (曲美家具), is a vivid example. Instead of staying invisible like a stereotypical rich kid, he is intentionally building a public presence. By appearing in work clothes, physically moving furniture, and livestreaming product promotions, he has become a driving force behind the brand’s rejuvenation and renewed engagement. Simply put, he’s stepping up to meet the new challenges confronting his family’s enterprise. This reflects a shifting mindset among China’s next-generation successors: they are not merely gaining assets but assuming the responsibility to keep the business growing. Typically, a rising successor starts hands-on in the family factory as a summer intern, learning logistics and supply chain operations. They then study abroad, mastering multiple languages and bringing home global best practices. Having watched their parents transform domestic companies into international successes, they also develop a deep understanding of premium brand strategy. This immersive, practical education is shaping a generation of successors who are more mature, more global, and more operationally capable. They’re inheriting the engine of wealth, and they know how to drive it. The new rules of legacy: From wealth preservation to sustainable impact As Chinese families prepare for a historic wave of wealth transfer, the meaning of succession is evolving. Wealth is no longer just about accumulation — it is about creating intergenerational sustainable impact. Succession now encompasses transferring governance, family values, and long-term direction. Family offices, trusts, and structured financial planning are increasingly central tools to manage this complex process and ensure that wealth serves as a foundation for lasting influence. Yet, many families remain unprepared. Research by UOB Private Bank, BCG, and the National University of Singapore shows that nearly half of Asia’s first-generation wealth holders have not proactively planned succession, with 37% intending to hand over power only in health crises and 43% only when business pressures demand it. This reactive approach risks legal disputes, fragmented ownership, and disruption of founder-led enterprises. In response, more families are adopting “living succession.” They’re implementing governance, equity arrangements, and family charters while founders are still active, ensuring that wealth, responsibilities, and values are passed on deliberately rather than left to chance. Even so, succession is never risk-free. A recent example is Chinese food and beverage manufacturer Wahaha Group (哇哈哈): founder Zong Qinghou’s passing led to disputes over 29.4% of equity and offshore trust assets among his daughter, Zong Fuli, and her half-siblings. In September 2025, Zong Fuli formally resigned from her roles as the group’s chairperson and legal representative, drawing public attention. This case demonstrates that even with trusts or structured arrangements in place, human nature, complex family relationships, and gaps in legal or governance structures can create uncertainty. How luxury brands can engage For luxury brands, the rise of the “empire heirs” presents both a challenge and an opportunity. These are not your typical high-net-worth individuals. They are not impressed by logos or flashy displays of wealth. They have grown up surrounded by luxury, and they are looking for something more. To engage this new generation, brands must shift their focus from aspiration to authenticity. They must move beyond the transactional and build deep, meaningful relationships based on shared values and a genuine understanding of their world. This means: From product to purpose: These heirs are not just buying a product; they are buying into a story. They want to know the history of the brand, the craftsmanship behind the product, and the values that it represents. From individual to family: Wealth in China is a family affair. Brands that can engage the entire family, from the patriarch to the youngest heir, will be the most successful. From aspirational to peer-to-peer: These heirs are not aspiring to a lifestyle; they are living it. Brands must speak to them as peers, not as customers. The bottom line The great wealth transfer is not just a Chinese story; it’s a global one. An estimated $5.8 trillion is expected to pass to the next generation in the Asia-Pacific region alone by 2030. But it is in China where this transfer will have the most profound impact. The country’s unique combination of rapid wealth creation, a first-generation founder culture, and a deep-seated belief in the importance of family is creating a new class of inheritors who are poised to reshape the world. This is the active transfer of operational wisdom, strategic thinking, and entrepreneurial DNA. The empire heirs have been trained from early on to think like founders, act like operators, and lead like CEOs. For the global economy, this means a new generation of Chinese business leaders who are more sophisticated, globally connected, and ambitious than their parents. For luxury brands, it means consumers who demand authenticity, craftsmanship, and a story worth telling. And for wealth managers, it means clients who understand the mechanics of wealth creation better than most advisors. These are not just the children of billionaires; they are the custodians of empires. And they are just getting started.

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The empire heirs: China’s new billionaire successors step into power