Singapore’s high-net-worth individuals (HNWIs) are leading the way in legacy planning across Asia and the Middle East, according to HSBC’s inaugural High-Net-Worth Legacy Planning Survey. The survey, which included over 900 HNWIs from nine markets, found that 45% of Singapore respondents have formal legacy plans, surpassing the 41% average across other regions.
The survey highlights a significant gap between intentions and actions, as more than half of the respondents are still in the early stages of planning. This is particularly crucial as Asia experiences one of the largest intergenerational wealth transfers in history. Singaporean HNWIs prioritise building a financial foundation for their families, with 40% emphasising this aspect in their planning.
Concerns about potential mismanagement and disputes are prevalent, with 50% and 37% of respondents, respectively, citing these as key issues in wealth planning. Professional advice plays a crucial role in decision-making, with financial advisers being the most influential for 47% of participants.
The survey also reveals that life insurance is now as mainstream as wills in legacy planning strategies, with 49% of respondents incorporating it. Privacy emerges as a significant differentiator, with 71% of Singaporean HNWIs valuing it in their planning processes.
As Singapore’s HNWIs continue to outpace their regional peers in legacy planning, the emphasis on professional advice and privacy is expected to shape future strategies.
