In today’s rapidly evolving global landscape, traditional growth models and asset strategies are facing unprecedented disruption. From sustained high interest rates and technological breakthroughs to geopolitical tensions and shifting capital flows, a profound evolution is underway, centered on wealth preservation, structural adaptation, and redefined value paradigms. In this uncertain future, “inheritance” has transcended the simple transfer of assets, becoming a dynamic, cross-cyclical capability focused on enduring, thriving, and enhancing quality of life across generations.
Recently, Noah Holdings’ ARK Wealth “Ark Series” event—The Path of Legacy: Navigating Through Turbulence—was successfully held in Huizhou. With “inheritance” as its central theme, the forum convened leading thinkers and industry experts from diverse sectors. Adopting a global perspective, discussions centered on creating resilient asset allocation frameworks and effective wealth transfer strategies to navigate market cycles and establish a sustainable, long-term vision for wealth management.
Grant Pan, Noah Holdings CFO, ARK Hong Kong CEO
“In wealth management, success is never about putting all the eggs in one basket, it’s about constructing a well-diversified portfolio. A growing trend in wealth management is the use of exclusion strategies when selecting investment regions. The U.S. has launched a new round of trade actions, adding pressure to global supply chains, and it’s critical to examine the underlying motivations closely. While the trade conflict has significant macroeconomic implications, individuals must take proactive steps to prepare. As tariffs escalate, the global economy may increasingly resemble a ‘survival of the fittest’ environment. For wealth managers, this underscores the importance of making informed decisions and exercising prudent judgment,” Grant Pan stated.
The essence of wealth lies in the compounding power of time, while the transmission of knowledge serves as a cornerstone for navigating economic cycles. Noah’s ARK believes that by recognizing inheritance as a defining challenge of our time, and by advancing strategic frameworks and cognitive perspectives, we can secure stability amid global shifts and capture future growth opportunities.
We’ve translated the forum’s key takeaways into actionable strategies designed to inform your planning. Our goal is to offer clarity, expand perspective, and support a strategic path forward—one that preserves and strengthens family wealth for generations to come.
A recurring theme throughout the forum was “globalization.” As the global landscape undergoes profound restructuring, a pivotal question emerges: Is globalization reaching its conclusion, or is it marking the dawn of a new era of transformation? Looking ahead, the ARK 520 closed-door summit is on the horizon, and we warmly invite your participation.
Globalization Crossroads:
Endpoint or A New Beginning?
The global market is experiencing deep structural shifts. From macroeconomic policies and technological advancements to geopolitical dynamics and capital flows, a convergence of factors is reshaping the traditional trajectory of globalization. In this transformative period, those who can swiftly adapt to the emerging paradigm will be best positioned to thrive in the next economic cycle.
The rise of global multipolarity is redefining the conventional “center-periphery" model. The Federal Reserve’s sustained high interest rates continue to enhance the appeal of dollar-denominated assets, while Europe grapples with frequent market volatility driven by policy divergences and energy transitions. Emerging markets, despite advancing de-dollarization efforts, face challenges in establishing stable alternative systems due to infrastructural and institutional constraints.
Meanwhile, the AI-driven revolution in industrial efficiency is fundamentally reshaping the investment landscape. From tech giants to sectors like manufacturing, healthcare, and finance, AI’s structural benefits are driving valuation reassessments. The foundational elements supporting this shift, such as infrastructure, energy, algorithms, and data have become critical focus areas for the next wave of investment allocation.
In response, asset allocation strategies are evolving. Institutional and high-net-worth investors are transitioning from a focus on maximizing returns to prioritizing stable growth paired with risk mitigation. Key adjustments include dynamically balancing RMB and USD-denominated assets, reallocating to gold and high-quality bonds, and strategically increasing exposure to alternative assets, reflecting the current priorities in portfolio optimization.
The wealth management industry itself is undergoing a significant shift, moving from a product-centric model to a consultative approach centered on client understanding. In an environment of heightened uncertainty, the ability to help clients manage emotions and market volatility, interpret trends, and develop tailored strategies has become a defining capability for wealth managers.
Amid global financial market turbulence, Hong Kong stands as a critical nexus between China and the world, showcasing remarkable resilience and adaptability. Noah’s ARK, firmly rooted in Hong Kong, leverages historical expertise while proactively addressing future trends. With a global asset allocation network and a rigorous risk management framework, Noah’s ARK remains dedicated to building a robust wealth defense for clients, guiding the path to intergenerational wealth transfer with professional resilience.
Strategic Resilience Amid Tariff Challenges:
Embedding Compliance into Asset Frameworks
A senior tax expert at the forum shared critical insights into the evolving global tax landscape in 2025: Global tax regulations are undergoing rapid restructuring, with tariff barriers, increased transparency, and rigorous oversight reshaping the framework of private wealth management. Individuals and families must reassess their asset structures to mitigate emerging tax and legal risks.
In this increasingly complex tax environment, high-net-worth individuals must shift away from management approaches that rely on opacity and structural concealment, embracing a comprehensive strategy focused on “sustainable compliance.” This transformation begins with a systematic review of asset structures, ensuring that every layer of asset allocation is resilient from legal, tax, and risk perspectives.
As the global tax regime evolves toward greater fairness and transparency, compliance has become a pivotal factor in wealth preservation. Wealth management now requires professional collaboration to navigate complex regulations, such as tariffs and tax treaties, particularly in decisions involving cross-border investments and asset inheritance.
By embedding compliance at the core of asset allocation, families can safeguard value amid regulatory shifts, fostering sustainable wealth growth and successful intergenerational transfer.
The Trump Tariff Storm:
Wealth Management Strategies Amid Political Dynamics
Macro experts at the forum provided insights into the recent tariff upheaval. President Trump’s tariff policies have triggered significant volatility in global markets. From a financial perspective, Trump has leveraged emergency presidential powers to adjust tariffs, prioritizing a simplistic profit-and-loss approach over traditional trade models—a move driven more by political strategy than economic rationale.
The underlying intent of these policies is not rooted in promoting “fair trade.” Instead, Trump’s tariff agenda pursues three primary objectives: boosting government revenue, addressing trade imbalances, and reviving U.S. manufacturing jobs.
Fiscal Policy Implications: The U.S. deficit has exceeded $2 trillion, with interest payments on the national debt surpassing $1 trillion. Facing fiscal constraints, tariffs have become a readily accessible revenue tool for Trump, though they fail to address the structural deficit at its core.
Trade Balance Challenges: The complexity of global supply chains, re-export trade, and flexible rules of origin diminish the effectiveness of tariffs. As exemptions for multiple countries create loopholes, goods can enter the U.S. indirectly, rendering trade barriers less impactful.
Reshoring Manufacturing Ambitions: Rebuilding U.S. manufacturing requires a robust industrial ecosystem, a skilled workforce, and engineering talent—elements that are currently lacking. The nostalgic vision of manufacturing as a family-sustaining industry, as idealized by Trump, is no longer viable in today’s interconnected global economy.
If these objectives prove elusive, what might Trump’s policies precipitate? The likely outcome is
"global instability." Historical precedent offers a cautionary tale: nearly a century ago, Hoover’s tariff increases triggered a domino effect that contributed to the Great Depression and the collapse of his administration.
From both contemporary and historical perspectives, tariff disputes may not directly spark conflicts, but they can severely destabilize political and economic systems, potentially leading to regime shifts. Rather than viewing Trump’s approach as a cohesive trade war, it’s more accurately described as a politically motivated effort at fiscal preservation and mobilization. Given this uncertainty, investors must look beyond short-term market fluctuations, focusing on the political motivations and long-term implications of these policies.
Building A Resilient “Antifragile” System: A Long-Term Path To Family Legacy
In recent years, rising uncertainties such as liquidity shifts, exchange rate volatility, and regional geopolitical risks have challenged the traditional asset allocation paradigm, which often relies on macroeconomic cycle analysis. As overlapping cycles intensify, high-net-worth individuals and family enterprises are increasingly focused on achieving long-term stability and ensuring intergenerational wealth transfer.
近年来，流动性变化、汇率波动和区域地缘政治风险等不确定性上升，对通常依赖宏观经济周期分析的传统资产配置范式提出了挑战。随着重叠周期的加剧，高净值个人和家族企业越来越注重实现长期稳定和确保代际财富转移。
In a volatile macro environment, the true winners are not short-term opportunists chasing quick gains, but long-term visionaries who embrace the principles of “antifragility.” By identifying systemic risks and implementing effective response mechanisms, these families can navigate economic cycles, industry disruptions, and political shifts, ensuring the sustained growth of both their assets and values across generations.
The economy is currently shaped by three overlapping cycles:
Short-Term: Financial cycles, including interest rate fluctuations and stock-bond volatility.
Medium-Term: Industry cycles, particularly during transformative periods like the AI revolution.
Long-Term: Geopolitical shifts and the evolving global order.
Sustaining family wealth over generations is never about catching one or two “hot” trends. It’s about continuously upgrading knowledge, strategically positioning forward-looking assets, and cultivating a long-term ownership mindset. Only by evaluating today’s decisions against the roadmap of the next 20 years can you truly build a wealth system that stands the test of time and enables successful intergenerational transfer.
New Perspectives on Wealth Transfer for High-Net-Worth Families Amid Global Transformation
As geopolitical tensions escalate and the global order continues to reshape, the focus of wealth transfer is shifting from “how to divide assets” to “where the family is headed.” High-net-worth families are moving beyond static asset handovers, embracing mission-driven, systematic legacy planning.
Wealth succession today extends far beyond capital preservation, encompassing a wide range of evolving needs: sustaining family resources across generations, ensuring strategic business succession, achieving personal value realization, securing global asset allocation, planning for retirement, and pursuing advanced philanthropic goals. As a result, the approach to succession has evolved from a linear inheritance model to a multidimensional, integrated strategy. Corporate globalization, intergenerational talent development, and global asset diversification have become mainstream priorities.
A clear trend has emerged: high-net-worth families are reevaluating their global wealth structures, seeking compliant and flexible channels for international asset allocation. These channels include:
Wills:
While effective for distributing tangible assets or real estate, wills face significant challenges in cross-border execution and may not fully address global holdings.
Trusts:
Trusts provide legal separation and asset protection, making them ideal for families with complex or substantial structures.
Insurance:
Insurance offers low entry barriers and high liquidity, serving as a practical and adaptable tool for legacy planning. In mature markets, policies can span multiple generations, facilitate currency conversion, and provide controlled claim payouts.
Legacy planning goes beyond transferring wealth—it’s about passing on responsibility, vision, and values. Amid global transformation and tightening regulations, wealth succession for high-net-worth families is evolving from a collection of tools to a focus on “structural design” and “long-term planning.” Core frameworks including identity, tax, legal structures, culture, and philosophy are now shaping how family’s approach and execute their inheritance strategies.
In the marathon of intergenerational wealth transfer, success belongs to the families that embrace a mindset shift and invest in systemic, forward-thinking solutions.
