AFFLUENTIAL’s newly released study, WealthLens™ 2024, draws insights from interviews with over 400 High Net Worth (HNW – individuals with liquid financial assets exceeding USD 1M) and 200 Very High Net Worth (VHNW – individuals with liquid financial assets exceeding USD 5M) individuals across Singapore and Hong Kong to reveal unique perspectives on wealth, priorities, and future plans in two of Asia’s most dynamic cities.
The sample covers a broad spectrum of wealth in both cities, whether gained through building owner-managed businesses, establishing successful careers, or inheriting family wealth. As a result, the insights offer a clear perspective across gender, age groups, and other key demographic criteria.
Health and Financial Freedom: The Pillars of Wealth
Health and wellness emerge as the top priority for the wealthy in both cities, closely followed by the desire for financial freedom. However, differing views highlight a nuanced outlook:
- Hong Kong HNWIs are primarily focused on securing a comfortable retirement, driven by a concern for future uncertainties.
- Singapore HNWIs display a more optimistic approach, focusing on leading a comfortable lifestyle, reflecting a more stable outlook.
Despite access to world-class healthcare in both regions, one-third of respondents expressed a preference to seek specialized medical treatment overseas. Notably, in Hong Kong, the fear of covering medical expenses later in life is a major concern.
Global Mobility and Aspirations
HNWIs in both cities are highly mobile, with 40% of Hong Kong and 47% of Singaporean HNWIs planning to move abroad, either temporarily or permanently. However, their motivations differ:
- Hong Kong respondents are motivated by a desire for an improved quality of life.
- Singaporeans seek new cultural experiences and professional development opportunities.
Education also plays a critical role in the lives of the affluent. Over 60% of HNWIs in both Singapore and Hong Kong want their children to study overseas, with the UK and USA being the most popular destinations.
Savvy Investors with a Focus on Tax Planning
When it comes to managing wealth, HNWIs in both cities exhibit strong investment acumen. Tax planning is important to over 90% of respondents, with around 45% using financial advisors to assist with this process.
Diverse Interests and Philanthropy
Singaporean and Hong Kong HNWIs channel their wealth into a range of passions and interests. Singaporeans show a particular affinity for technology, while Hong Kong’s HNWIs prioritize wealth and wellness. Around 20% of HNWIs in both cities contribute to charitable causes, with Singaporeans favoring healthcare-related initiatives and Hong Kongers showing a stronger interest in educational philanthropy.
- WealthLens™ is a strategic data & insights program to understand HNWIs and UHNWIs insurance, banking and wealth management behaviours, identify and profile this core audience and their financial need and optimize marketing strategies.
- We interview yearly millionaires across key markets, who are members of AFFLUENTIAL LuxeTalk™ community, to understand their outlook and views on a wide range of topics.
- Financial Services brands use the insights to benchmark against competition with the WealthLens™ Affinity Ranking
- Designed for senior management and c-suite of insurance firms, the report covers 13 International markets and thousands of HNW and UHNW individuals
Find out more about how WealthLens™ Insights can benefit your marketing decisions and directly impact your ROI through a 20-minute session with our consultants in your market.
Contact: jason@agility-research.com