
Episode #15
Marco Poon on Why Family Wealth Dies After Three Generations
Marco Poon joins Michael Macfarlane for a Wealth Office conversation exploring what family offices are really for, and whether the industry built around them has drifted too far from the families it is supposed to serve. With an estimated US$450 trillion held by private families globally, family offices are becoming an increasingly important part of the wealth landscape. But Marco argues that the incentives of large financial institutions can sit uneasily alongside the priorities of families thinking about governance, succession, philanthropy and wealth across generations. The conversation begins with a fundamental question: should a family office be structured around investment performance, or around the long-term objectives of the family itself? Marco draws on his own experience as a third-generation member of a Hong Kong business family, where his focus has shifted from the family’s original manufacturing interests towards investment, governance and preserving the entrepreneurial spirit for future generations. They examine why families with 100 or 200-year horizons may think about risk very differently from institutions operating around market cycles, and why stewardship, geopolitical change and experience can matter more than conventional definitions of “safe” assets. They also look at Hong Kong’s growing family office ecosystem, where families are increasingly learning directly from one another on governance, succession, education and the challenges of preparing the next generation. The discussion explores: • What a family office is really for • Why institutional incentives can conflict with family objectives • Stewardship versus short-term investment performance • How wealthy families define risk over 100 or 200 years • Why governance and succession matter as much as portfolios • The role of philanthropy in family identity and values • Why Hong Kong has become a hub for family-to-family learning • How next-generation family members should be prepared for responsibility • Why entrepreneurship can be part of succession planning • The role of private family capital in backing long-term innovation • Why China’s progress in AI, automation, new energy and EVs matters for investors • How fiduciary advice can create greater alignment between families and advisers The central question is what it actually means to preserve family wealth across generations. The answer is not simply protecting a portfolio. It is preparing people, building governance, preserving values and making sure each generation is capable of taking responsibility for what comes next. Watch the full conversation to explore the private world of ultra-prime property and what it reveals about wealth, family and the future of global cities. Subscribe to Wealth Office for more conversations hosted by Michael Macfarlane with entrepreneurs, investors, family businesses and global thinkers exploring how wealth is shaping the future.






