亚洲各国随着人口已经经济结构的变化，房子在人们心中的地位也在发生变化，特别在作为遗产继承这块，那现在父辈们都在考虑什么其他的资产配置呢？喜欢英语的小伙伴可以先看下英文部分。
As his eight-year-old son blew out the candles on his birthday cake in February, Choi Nam-joon gave him a present he hopes will keep growing long after the party ends: three shares of Samsung Electronics.
The shares, worth a total of about 500,000 won (US$332) at the time, were added to the boy’s brokerage account, part of a plan the 42-year-old South Korean office worker sees as the most realistic way to help his son build wealth.
Choi’s family cannot afford to buy a home in one of Seoul’s most sought-after districts. Nor does he want to buy a cheaper property outside the capital, which he believes is exposed to long-term decline.
“I try to get my son interested in the stock market by doing this together,” Choi said. “It’s a way to help your child build assets through the magic of compounding, while also saving on tax.”
今年二月，在八岁的儿子吹灭生日蛋糕上的蜡烛时，崔南俊送给他一份希望能在派对结束后长久增值的礼物：三股三星电子的股票。
这三股股票当时总价值约50万韩元（332美元），被存入了男孩的证券账户。42岁的韩国上班族崔南俊认为，这是帮助儿子积累财富最现实的方式。
崔南俊一家买不起首尔热门地段的房子，他也不想在首都以外购买更便宜的房产，因为他认为这些地方的房价长期看跌。
崔南俊说："我试着通过和孩子一起投资股票来培养他对股市的兴趣。这是一种通过复利魔法帮助孩子积累资产的方式，同时还能节省税款。"
Across East Asia, parents and grandparents are beginning to rethink what kind of wealth is most worth passing on.
For decades, property and savings were the dominant answer, especially in China. But as populations age and confidence in real estate weakens, more families are seeking to diversify their wealth beyond property and savings, turning to stocks, funds and insurance products for long-term asset building and inheritance planning.
In South Korea, that shift is already visible in children’s brokerage accounts. Shinhan Securities reported a 272 per cent year-on-year increase in accounts held by underage clients in the first quarter of 2026. Samsung Electronics was the most actively traded stock among minor investors, it said.
In China, as the property market remains embroiled in a multi-year downturn with no end in sight, analysts say its middle class may pivot towards equity investments, but it may take several generations to take hold nationwide.
在东亚各地，父母和祖父母开始重新思考什么财富最值得传承。
数十年来，房产和储蓄一直是主流答案，尤其在中国。但随着人口老龄化及房地产信心减弱，越来越多家庭寻求将财富分散到房产和储蓄之外，转向股票、基金和保险产品，以进行长期资产积累和传承规划。
韩国的这一转变已在儿童证券账户中显现。新韩证券报告称，2026年第一季度未成年客户持有的账户同比增长272%。三星电子是未成年投资者交易最活跃的股票。
在中国，由于房地产市场持续数年低迷且未见尽头，分析师表示其中产阶级可能会转向股权投资，但这可能需要几代人时间才能在全国范围内形成趋势。
Meanwhile, across the whole region, discussions around inheritance are starting earlier than in the past, they added.
For years, the South Korean government has sought to shift household wealth away from real estate and into capital markets, arguing that excessive reliance on property weighs on productivity growth. One policy offers tax benefits for investment funds gifted to minors, with gifts of up to 20 million won exempt from tax every 10 years.
With South Korea’s stock market rallying this year, those efforts appear to be gaining traction. The benchmark Kospi index has risen by roughly 103 per cent so far this year, making it one of the best-performing major equity indices among G20 economies.
“Recent increases in household stock ownership, broader participation and higher expected returns suggest changing constraints on Korea’s wealth effect,” the Bank of Korea’s research team wrote in a May 7 report.
与此同时，整个地区关于遗产的讨论也比过去开始得更早。
多年来，韩国政府一直试图将家庭财富从房地产市场转向资本市场，认为过度依赖房地产会抑制生产率增长。其中一项政策为赠予未成年人的投资基金提供税收优惠，每10年赠予高达2000万韩元的资金可免税。
随着今年韩国股市的上涨，这些努力似乎正在取得进展。基准的Kospi指数今年以来已上涨约103%，使其成为二十国集团经济体中表现最好的主要股票指数之一。
韩国央行研究团队在5月7日的一份报告中写道：“近期家庭持股比例上升、参与范围扩大以及预期回报提高，表明韩国财富效应的限制正在发生变化。”
Putting more stock in stocks
加大对股票的投入
South Korea is not alone in gravitating towards capital markets for legacy planning.
For decades, property was seen as one of the safest ways to build family wealth in Asia. Homes represented not only security and social status, but also, for many families, a pathway to marriage and stability for the next generation. Analysts estimate that about 65 per cent of household wealth in South Korea is tied up in real estate. In China, the figure is estimated at between 70 and 80 per cent.
That confidence is now beginning to crack. Ajay Mathur, managing director and head of consumer banking group and wealth management at DBS Hong Kong, said his customers – most of them Chinese – increasingly preferred liquid assets amid market uncertainty.
Hong Kong has long been a destination of choice for Chinese families seeking to grow their assets and plan for succession. But Mathur said wealthier Chinese families have accelerated their move into more diversified portfolios over the past five years.
在传承规划方面转向资本市场的并非只有韩国。
数十年来，房地产在亚洲被视为积累家庭财富最安全的方式之一。房产不仅代表安全和社会地位，对许多家庭来说，它还是子女婚姻和下一代稳定的保障。分析师估计，韩国约65%的家庭财富与房地产捆绑。在中国，这一比例估计在70%至80%之间。
这种信心正开始动摇。星展银行香港分行董事总经理兼消费金融及财富管理总监马图尔表示，在市场不确定性的背景下，他的客户——大部分是中国人——越来越倾向于流动性资产。
香港长久以来都是中国家庭寻求资产增值和传承规划的首选目的地。但马图尔表示，过去五年里，较富裕的中国家庭加快了转向更多元化投资组合的步伐。
“Bank deposits will remain and property will remain. But wealth is becoming more diversified through specialised investment products and insurance products,” Mathur said.
Japan presents a variation on the trend. The country went through its property adjustment decades earlier, after the collapse of its asset-price bubble pushed households away from real estate and into cash and deposits.
Policymakers have long worried about “old-to-old inheritance”, in which assets pass from elderly parents to heirs who are themselves already ageing, slowing the transfer of wealth to younger, higher-consuming generations.
To address the issue, Japan’s tax system allows an annual gift-tax basic exemption of 1.1 million yen (US$6,917) per recipient. At the same time, the Nippon Individual Savings Account (Nisa) offers a tax-exempt investment channel designed to support individual asset building.
马图尔表示："银行存款将保持不变，房地产也将保持不变。但财富正通过专业投资产品和保险产品变得更加多样化。"
日本的趋势有所不同。该国在几十年前就经历了房地产调整，资产价格泡沫破裂后，家庭投资从房地产转向现金和存款。
政策制定者长期以来一直担忧"老老继承"问题，即资产从年迈的父母传给同样已步入老年的继承人，这减缓了财富向更年轻、消费能力更强一代的转移。
为解决这一问题，日本的税收制度允许每位受赠人每年享受110万日元（合6917美元）的赠与税基本免税额。同时，日本个人储蓄账户（Nisa）提供免税投资渠道，旨在支持个人资产积累。
While a channel designed specifically for minors, Junior Nisa, was closed in 2023, a new model allowing for up to 6 million yen in tax-exempt investments from birth to age 18 is expected to launch in January.
Together, these rules create a framework in which parents and grandparents can transfer modest sums during their lifetime, while younger generations invest the money over the long term.
According to Japan’s Financial Services Agency, holders from teenagers to people in their 30s accounted for 12.6 per cent of all Nisa accounts at the end of 2014. By the end of 2024, that age cohort’s share had climbed to 29.5 per cent.
“Junior Nisa effectively depends on the financial capacity of parents and grandparents. This could accelerate the decline in cash and deposits held by those aged 60 and over,” wrote Kang Young-sook, head of the advanced economy department at the Korea Centre for International Finance, in a January 2025 brief.
虽然专为未成年人设计的"少年NISA"渠道已于2023年关闭，但一项允许从出生至18岁期间进行最高600万日元免税投资的新模式预计将于1月启动。
这些规则共同构建了一个框架，使父母和祖辈能在生前转移适量资金，而年轻一代则可进行长期投资。
据日本金融厅数据显示，2014年末青少年至30余岁持有者占所有NISA账户的12.6%，到2024年末该年龄段占比已攀升至29.5%。
韩国国际经济中心发达经济体部门负责人姜英淑在2025年1月的简报中指出："少年NISA实质上依赖于父母及祖辈的财务能力，这可能加速60岁以上人群现金及存款持有量的下降趋势。"
China tests a new path
中国测试新路径
Equities could offer households a relatively accessible route to diversification. But whether such a shift can spread systematically to China’s middle class remains an open question. Analysts say it is likely, though it may take several generations to take hold nationwide.
“Would the government want a shift from homes to a booming stock market? 100 per cent,” said Anthony W. D. Anastasi, an assistant professor of economics at the Sino-British College in Shanghai. But in the short term, he said, such a shift remains unlikely because China’s equity market is still underdeveloped and heavily reliant on government support.
China’s stock market has not historically been a primary vehicle for asset management or intergenerational wealth transfer, largely because of its performance record, said Wang Yi, chief investment officer at Hong Kong-based CSOP Asset Management.
股票可能为家庭提供了一个相对容易实现的多元化投资途径。但这样的转变能否系统性地扩展到中国的中产阶级，仍是一个悬而未决的问题。分析人士认为，这是有可能的，尽管可能需要几代人的时间才能在全国范围内实现。
上海中英国际学院经济学助理教授安东尼·W·D·阿纳斯塔西表示：“政府是否希望出现从房地产到蓬勃发展的股市的转变？答案是百分之百肯定。”但他表示，短期内这种转变不太可能发生，因为中国的股市仍不发达，且严重依赖政府支持。
总部位于香港的南方东英资产管理公司首席投资官王毅表示，由于历史表现记录，中国股市历来不是资产管理或代际财富转移的主要工具。
Wang noted that the national average home price stood at less than 2,000 yuan (US$294) per square metre in 2000, but had risen to more than 10,000 yuan per square metre in 2021, a fivefold increase.
“In contrast, the Shanghai Composite Index only around doubled over the same time frame and has yet to surpass its peaks in 2007 and 2015,” Wang said. “China currently has no inheritance or gift tax, so wealth-transfer decisions are driven primarily by long-term value.”
Still, Wang said investors have taken a more positive view of the market’s long-term potential since 2024, driven by the technology boom and rising expectations that equities could play a larger role in intergenerational wealth planning. On May 13, China’s tech-heavy ChiNext Index reached an all-time high, reaching 4,038 points by market closing.
王指出，2000年全国平均房价每平方米不到2000元（294美元），但到2021年已上涨至每平方米1万元以上，涨幅达五倍。
"相比之下，上证综指同期仅增长约一倍，且尚未突破2007年和2015年的峰值。"王表示，"中国目前没有遗产税或赠与税，因此财富传承决策主要受长期价值驱动。"
尽管如此，王指出自2024年以来，受科技热潮推动以及对股票在代际财富规划中可能发挥更大作用的预期升温，投资者对市场的长期潜力持更为乐观的态度。5月13日，中国以科技股为主的创业板指数创下历史新高，收盘时达到4038点。
Beijing is also trying to build a more credible capital market.
In January 2025, Beijing unveiled an implementation plan aimed at channelling more medium- and long-term capital – including insurance funds, pensions and mutual funds – into the stock market.
Under the measures, state-owned insurers are required to allocate 30 per cent of new premium income to A-shares from 2025 onwards, while public funds have been instructed to increase equity holdings by at least 10 per cent each year.
China’s so-called national team of state-backed institutional investors, led by Central Huijin Investment, China Securities Finance and the National Social Security Fund, has stepped in during periods of market volatility to support equities.
At the same time, regulators have sought to improve investor confidence by encouraging stronger corporate governance, higher dividend payouts and share buy-backs, according to Wang.
“Diversification is becoming more common in China and is, in our view, both a natural trend and a necessary development,” Wang said.
北京也在努力建立一个更可信的资本市场。
2025年1月，北京公布了一项实施方案，旨在将更多中长期资本——包括保险资金、养老金和共同基金——引入股市。
根据这些措施，从2025年起，国有保险公司需将新保费收入的30%配置于A股，同时公募基金被要求每年至少增加10%的股票持仓。以中央汇金投资、中国证券金融和全国社会保障基金为首的所谓“国家队”机构投资者在市场波动时期介入以支持股市。
同时，据王介绍，监管机构通过鼓励加强公司治理、提高股息支付和股票回购来提升投资者信心。
王表示：“多元化在中国正变得越来越普遍，我们认为这既是一种自然趋势，也是一种必要的发展。”
Passing on knowledge
传承知识
For families, that shift is not only about seeking higher returns. It is also becoming part of a broader effort to equip the next generation with more flexible financial tools, as traditional routes to security become less assured.
“Younger generations are facing high housing costs, weaker expected returns from property, and greater economic uncertainty, which is encouraging a search for alternative ways to build wealth,” Anastasi said.
Mathur of DBS said discussions around inheritance were starting earlier than in the past. Parents are increasingly involving their children in financial planning and setting aside assets for specific life goals – money to access at 18, funds for university education, a first home, or even assets intended for future grandchildren.
对家庭而言，这种转变不仅关乎追求更高回报。随着传统保障路径变得不再可靠，这也正成为一项更广泛努力的一部分，旨在为下一代配备更灵活的金融工具。
阿纳斯塔西表示："年轻一代正面临高昂的住房成本、房地产预期回报下降以及更大的经济不确定性，这些因素促使人们寻找积累财富的替代途径。"
星展银行的马图尔指出，关于遗产传承的讨论开始得比过去更早。父母越来越多地让子女参与财务规划，并为特定人生目标预留资产——例如18岁时可动用的资金、大学教育基金、首套住房，甚至是留给未来孙辈的资产。
In April, DBS surveyed 800 parents in Hong Kong and other Greater Bay Area cities who had liquid assets of HK$1 million (US$127,688) or more and children aged 16 or below. Sixty-nine per cent of parents cited resilience as their top aspiration for their children, followed by financial independence at 57 per cent.
Financial literacy is also seen as a critical area of foundational knowledge. According to the survey, 94 per cent of parents said it was crucial to a child’s upbringing, while two-thirds believed financial literacy education should begin by the age of 13 or earlier.
Mathur said wealth management and legacy planning will no longer be limited to the ultra-rich, as investment vehicles become increasingly “democratised” through a growing range of online products.
“Wealth planning is no longer a luxury. It’s a necessity,” he added.
今年四月，星展银行对香港及其他大湾区城市的800名父母进行了调查，这些父母拥有100万港元（约合127,688美元）或以上的流动资产，且子女年龄在16岁或以下。调查显示，69%的家长将韧性视为对子女的首要期望，其次是经济独立，占57%。
财商教育也被视为一项重要的基础知识领域。根据调查，94%的家长认为财商对子女的成长至关重要，三分之二的家长认为财商教育应在13岁或更早开始。
马士礼表示，随着各类线上产品日益普及，投资工具正逐步“大众化”，财富管理与传承规划将不再仅限于超级富豪群体。
他补充道：“财富规划已不再是奢侈品，而是必需品。”
