PETALING JAYA: Malaysia’s high net worth individuals (HNWI) under the age of 50 are leading Asia in legacy planning, outpacing their regional peers.
Based on a survey by HSBC Life, more than half or 52% of Malaysia’s HNWI said they have a formal legacy plan in place, surpassing the survey average of 41%.
Malaysia placed higher than the wealthier markets of Singapore – where less than half or 45% have a formal legacy plan in place – and also surpassed Hong Kong (26%) and Taiwan (24%).
According to HSBC Life, HNWI in Malaysia have a much greater sense of urgency for legacy planning, in part driven by strong gross domestic product (GDP) growth and rising incomes.
HSBC Life published its inaugural survey yesterday on high net worth legacy planning in Asia and the Middle East.
Titled “Bridging the intentions-action gap”, the report provides an overview of the current sentiment, identifying gaps in legacy planning.
Over 900 HNWI in their peak planning years across nine Asia-Pacific markets were surveyed.
