Singapore HNWIs outpace regional peers in legacy planning adoption: HSBC Life survey
High-net-worth individuals (HNWIs) in Singapore are ahead of regional peers in legacy planning, according to HSBC Life’s inaugural survey on High-Net-Worth (HNW) Legacy Planning in Asia and the Middle East, titled “Bridging the intentions-action gap”.
The survey, which gathered insights from over 900 HNWIs across nine markets in Asia and the Middle East, found that nearly half (45%) of Singapore respondents have a formal legacy plan in place, compared to 41% across the other markets surveyed.
However, 39% of Singapore HNWIs remain in the early stages of planning and gathering information, while 16% have yet to begin, highlighting a significant gap between intent and action as Asia undergoes one of the largest intergenerational wealth transfers in history.
Other key findings for Singapore include:
Singapore HNWIs prioritise financial security, stability and tax efficiency
Singapore HNWIs take a structured approach to legacy planning, with their top priorities including tax minimisation (41%), ensuring long-term stable growth (39%), and capital preservation (38%).
When defining legacy, Singapore respondents place the greatest emphasis on building a financial foundation for their family (40%), providing financial security (31%), and protecting wealth from unforeseen risks (31%).
The survey also highlights key concerns among Singapore HNWIs when planning, with half (50%) citing the risk of the next generation mismanaging wealth as a primary concern, followed by the potential for family disputes or conflicts (37%) and global economic or market volatility (35%).
Life insurance and wills remain key legacy planning tools
Life insurance has become as mainstream as wills in legacy planning among Singapore HNWIs, with 49% using each as part of their legacy strategy. This is followed by joint ownership of assets (35%), family offices (33%), trusts (32%), and gifting during one’s lifetime (30%).
Among those considering insurance solutions, the most valued features include simplified underwriting (42%), the ability to split policies among beneficiaries (40%), and access to holistic healthcare services (39%). A majority (71%) of Singapore HNWIs also believe that life insurance offers superior privacy compared to other legacy planning tools.
Professional advice drives legacy planning decisions
While a majority of Singapore HNWIs feel confident about their legacy knowledge (69%), professional advice is the leading trigger for legacy planning, with 42% citing advice from a financial advisor, banker or lawyer as a primary driver. This is followed by market volatility or reaching an age milestone (36%), while 34% cite the experiences of friends or peers.
Financial advisors are also the most influential source of information (47%), followed by lawyers or legal advisors (41%), reflecting the importance placed on professional guidance in shaping legacy decisions.
Harpreet Bindra, CEO, HSBC Life Singapore, said: “High-net-worth individuals in Singapore are increasingly sophisticated investors who take a structured and forward-looking approach to managing and transferring wealth. However, the intentions–action gap highlights the need for more effective legacy planning solutions, particularly as wealth needs become more complex and cross-border in nature. Tools like insurance can play an important role in bridging this gap, offering potential for certainty, liquidity and flexibility across jurisdictions that can help reduce the risk of disputes and ensure continuity across generations.”
The report builds on HSBC Life’s ongoing efforts to strengthen its suite of integrated protection, accumulation, retirement and legacy planning solutions to meet increasingly complex wealth needs in Singapore, including recent enhancements to its high-net-worth (HNW) product suite. HSBC Life was recently ranked as the #1 HNW insurance brand in Singapore by Affluential for the second consecutive year – underscoring HSBC’s ambition to be the leading wealth manager in Singapore. HSBC was also named World’s Best Insurance Provider for Wealth Management at the Euromoney Private Banking Awards 2026.
Media Enquiries
Carol Chan carol.a.chan@hsbc.com.sg
Urvashi Raizada urvashi.raizada@hsbc.com.sg
NOTES TO EDITORS
About the survey
The HSBC Life High-Net-Worth Legacy Planning Survey 2026 gathered insights from over 900 high-net-worth individuals across nine markets in Asia and the Middle East, including Singapore, Hong Kong, India, Indonesia, mainland China, Malaysia, Taiwan, Thailand and the United Arab Emirates.
HNW individuals are defined as those with investable assets of $2 million or more, have invested in financial products themselves and are financial decision makers for themselves. UHNW individuals are defined as those with investable assets of $10 million or more.
Read the full report here.
HSBC Life Singapore
HSBC Life (Singapore) Pte. Ltd. is a wholly owned subsidiary of HSBC Insurance (Asia Pacific) Holdings Limited, which is ultimately owned by HSBC Holdings plc, the London-based holding company of the HSBC Group. It provides a wide range of solutions that cater to the life, health, retirement, protection, education, legacy planning, and wealth accumulation needs of retail and corporate clients.
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 56 countries and territories. With assets of US$3,233bn at 31 December 2025, HSBC is one of the world’s largest banking and financial services organisations. HSBC opened its first branch in Singapore in 1877 and is a qualifying full bank serving global wealth and corporate and institutional banking customers.