Author: Anthony Agoshkov, Co-founder of Marvel Capital

The world is witnessing the largest wealth transfer in modern history.

Over the next 20 years, millennials and Generation Z are expected to inherit approximately $83 trillion, with some optimistic forecasts suggesting that up to $4 trillion of this could be realized through on-chain tokenization by 2030.

More importantly than the scale of the transfer is how this capital will be directed.

While family offices still rely on real estate, trade, and energy, the new generation is beginning to seek different options. They are pursuing tokenized portfolios, digital asset allocations, and entry into financial centers designed for a digital-first era. Wealth managers face a clear challenge: either incorporate tokenization into their business landscape or watch the next wave of capital flow to partners that can provide this service.

At the core of this adaptation is tokenization, a mechanism that allows traditional assets to enter the digital market in their original form.

Income-generating assets can be digitized, issued on-chain, and managed according to familiar reporting rules. This changes the speed of capital flow—what once took years can now take just days. This is the timeline that the new generation expects. For heirs, cryptocurrency is no longer a gamble but more like an upgrade—digital liquidity based on wealth that the family has already trusted.

This trend is already manifesting in practice, with the Gulf region becoming an active testing ground. The Dubai International Financial Centre now regulates approximately $1.2 trillion in family office assets, and this number continues to rise as families test whether crypto-friendly frameworks can support their wealth. Beneath the surface, the real story is that the custodial system is being restructured, tokenized funds are being continuously launched, and diversification is gradually shifting to a digital track. Once the infrastructure is in place, capital that flows into new channels typically does not return to traditional paths.

Meanwhile, Saudi Arabia and the UAE are expected to add over 12,000 high-net-worth individuals by 2025, attracted to centers where tokenization has already been implemented. Asia is also catching up: some overseas Chinese family offices plan to increase their cryptocurrency allocation to about 5% of their portfolios, and the trading volume of South Korea's three major exchanges has grown by 17% so far this year. This flow indicates that legal clarity has become a competitive asset and signals a race among global wealth centers.

For wealth managers, the conclusion is very clear: this wealth transfer will not jump directly from bonds to Bitcoin (BTC), but will achieve a digital-first portfolio through tokenization, without forcing families to abandon familiar assets. Those who build this bridge first will set the standard for the industry.

Indeed, signs of adaptation are beginning to emerge, but the road is not smooth. Conflicts in rules, lagging infrastructure, and generational disagreements make it difficult to reach consensus. These frictions collectively slow down capital flow, posing a real challenge for wealth managers.

This transformation will not be straightforward. Families face regulatory hurdles first in the transition process.

Take the Gulf region as an example: the overlapping rules of the UAE Federation, emirates, and free zones, along with the independent regulatory systems of Bahrain, Saudi Arabia, and Qatar, create discrepancies in capital flow. For families with cross-border allocations, changes in rules happen much faster than lawyers can revise contracts.

Beyond the Gulf, the divisions are even more pronounced. Europe relies on the Markets in Crypto-Assets Regulation (MiCA), the U.S. has the GENIUS Act (Generating National Innovation and Understanding of Science Act), and Asia has introduced stablecoin regulatory frameworks in Hong Kong and Singapore.

Faced with this patchwork regulatory environment, families naturally ask: which set of rules should we trust? Which will last long enough? The result is the same: capital is sidelined, waiting for clarity that may never come.

Paper clarity is not enough if the infrastructure still has gaps. Many family offices still lack custodial services and appropriate reporting tools, as well as governance mechanisms capable of securely managing tokenized portfolios. Without these infrastructures, transaction processes will remain manual, and asset allocation will struggle to scale. Ultimately, cryptocurrency becomes more of an experimental speculative tool rather than a strategic asset allocation.

In addition, there is generational division. Heirs are eager to act, viewing digital exposure as a basic requirement. Senior decision-makers see it as too volatile, untested, and far from a "real" portfolio. Whenever the board says "no," young wealth quietly seeks out those who will say "yes." Over time, this drip becomes a drain.

Overall, the picture is straightforward—rules divide families, infrastructure stagnates, and generations move at different speeds. This is why this is a true stress test; managers who pass the test will turn obstacles into advantages. The only question is what they will build tomorrow morning.

The next wave of capital will not wait for regulatory coordination, generational unity, or infrastructure improvement.

Regardless, families will continue to move forward, so managers must view regulation as a toolbox. It’s not about pursuing a "perfect" license but layering different jurisdictions: issuing assets under Dubai's Virtual Assets Regulatory Authority, resolving disputes in Abu Dhabi Global Market, layering Islamic finance rules in Bahrain, and introducing European MiCA, U.S. GENIUS Act, or Hong Kong's regulatory framework when necessary. This way, the system can flexibly adjust as changes occur, and capital can timely adjust allocations.

Generational divides? They can be completely restructured. Grant heirs wallet-based voting rights while allowing elders to retain veto power, and automate decision-making processes through smart contracts instead of endless board documents. This satisfies young investors' pursuit of efficiency while preserving the oversight of elders.

If regulation can be toolified and generational rifts transformed into governance design, then infrastructure will no longer be a major obstacle, and custodial services, reporting systems, and even tokenized governance will merely be subsequent expansions. As long as families see that digital portfolios can operate as rigorously as traditional assets, all excuses will fall away.

Therefore, regardless of the obstacles encountered, capital will ultimately find new paths forward. Those managers who can recognize this and take action will capture the trillion-dollar assets flowing toward digital tracks.

Perspective: Anthony Agoshkov, Co-founder of Marvel Capital.

Related: Ant Group launches L2 blockchain, will 1.4 billion Alipay users flood into Ethereum?

Original: “Wealth management institutions must adapt to the greatest capital transfer in history”

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