Wealthy business owners worldwide are increasingly rethinking their plans for retirement in the fallout from the Covid-19 pandemic, a survey found.<\/p>\n
More than half of the 920 individuals and families who own businesses surveyed by BNP Paribas SA and Aon said they\u2019re altering the timetable for stepping away from their companies, with 41% delaying or phasing more slowly into a move and 13% accelerating it.<\/p>\n
Entrepreneurs and families surveyed in the U.S. were more likely than those elsewhere to be considering either delaying and accelerating their plans, the companies said in a report.<\/p>\n
The pandemic is forcing many of the world\u2019s rich to reconsider their succession arrangements, while also causing employees across the US, Asia and Europe to reevaluate how they work and live.<\/p>\n
Billionaires will transfer more than $2 trillion within the next two decades to their children, according to research by UBS Group AG and PwC, and the virus is helping accelerate that wealth shift.<\/p>\n
Wu Yajun, 57, one of China\u2019s richest women, put her daughter in charge of their family office last year after transferring a stake in the property empire that made their fortune.<\/p>\n
Mexico\u2019s Juan Francisco Beckmann, 81, recently handed over control of a New York condominium to his daughter after giving her a stake a few years earlier in Becle SAB, the owner of Jose Cuervo tequila.<\/p>\n
Members of the next generation \u201care being more and more empowered,\u201d Vincent Lecomte, BNP Paribas Wealth Management\u2019s chief executive officer, said in an interview.<\/p>\n
Older business owners are often delaying retirement to \u201censure a smooth transition.\u201d<\/p>\n