The average tax due can amount to up to €4m (£3.5m) on a business valued at €10m (£8.7m), but once tax reliefs are applied, the tax due can drop to zero for each of these countries except France, shows analysis by KPMG’s global family business team. Even in France exemptions can still cut the tax bill from almost €4.3m to below €1m.

South Africa, Canada, Japan, Portugal and Greece top the list for the highest tax bill, with fewer exemptions available.

For many business families, sustaining prosperity for the long run depends on how well they plan for transfers of business assets and family wealth from one generation to the next.