The Increasing Trend of Making Wills in China: A 24-Fold Surge in Young and Middle-Aged Population
The number of young and middle-aged individuals creating wills in China has surged by 24 times in the past decade, according to a report published by the China Will Database.
A Growing Demand for Estate Planning
As of December 31, 2023, the China Will Database recorded a total of 478,850 will consultations, with 311,868 registered and preserved wills. The demand for estate planning among the population has been steadily increasing.
The report also reveals a significant decrease in the average age of will makers. In 2018, the average age was 77.43 years. However, by 2023, it had declined to 67.82 years, indicating a clear trend of younger individuals engaging in estate planning.
Caption: Lễ công bố Sách Trắng cơ sở dữ liệu di chúc Trung Quốc 2023. Ảnh: CNR
Increasing Participation of the Younger Generation
In 2017, the number of young and middle-aged individuals seeking will consultations in the China Will Database was 931. By 2023, this number had risen to 17,101, marking a 17.3-fold increase. Similarly, the number of young and middle-aged individuals registering and preserving wills increased from 279 in 2017 to 7,124 in 2023, a significant surge of 24.5 times. Among them, wills created by individuals from the 80s generation increased by 21.5 times, while those from the 90s generation increased by 11.2 times. Furthermore, the 100s generation has also seen a growing presence, with 167 wills created by this generation in 2023, a 24.62% increase compared to 2020.
According to the report, the number of unmarried individuals who registered and preserved wills has been consistently increasing since 2017. As of the end of 2023, there were 2,077 unmarried individuals who registered and preserved wills, with females accounting for 69.86% of this group.
Education and Occupation Trends
The data also reveals that the majority of unmarried individuals who created wills had at least a high school or university education, accounting for approximately 38.18% and 46.56%, respectively. In terms of occupation, over half of them were either business leaders or technical staff. Specifically, 33% were business leaders.
According to the China Will Database, the average household assets of will makers have experienced a clear upward trend in the past three years. From around 6.265 million Chinese yuan (approximately $867,000 USD) in 2021, it increased to 7.441 million Chinese yuan (approximately $1.03 million USD) in 2023, a significant growth of 18.8%.
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