Singapore’s high-net-worth individuals ( HNWIs ) are taking a regional lead in legacy planning, though a significant gap between intent and execution continues to persist, according to a new study.

As Asia prepares for one of the largest intergenerational wealth transfers in history, an HSBC Life survey, which covered more than 900 affluent individuals across Asia and the Middle East, finds that 45% of Singapore respondents have formal legacy plans in place, slightly ahead of the 41% regional average.

The findings underscore Singaporeans’ growing awareness in managing their wealth, the insurer says.

However, beneath the topline numbers, a structural weakness persists, with the survey revealing that 39% of HNWIs in Singapore remain in the early stages of planning, while 16% have yet to begin. This highlights a persistent intention-action gap at a critical time for wealth transition, HSBC Life says.

Among Singapore’s affluent, tax efficiency ranks as the top priority ( 41% ), followed by long-term stable growth ( 39% ) and capital preservation ( 38% ). More broadly, respondents define legacy in practical terms, prioritizing building a financial foundation for their families ( 40% ), ensuring financial security ( 31% ), and protecting wealth from unforeseen risks ( 31% ).

Mishandling wealth

Risk awareness is also rising. Half of respondents cite concerns over the next generation mismanaging wealth, while 37% worry about family disputes and 35% about market volatility, pointing to increasing complexity in wealth structures and succession dynamics.

Insurance and wills are emerging as foundational tools, with 49% of respondents using each in their legacy strategies. Adoption of more sophisticated structures remains meaningful but secondary, including joint asset ownership ( 35% ), family offices ( 33% ), trusts ( 32% ) and lifetime gifting ( 30% ).

A key differentiator in Singapore’s market is the growing reliance on professional advice. While 69% of HNWIs feel confident about their legacy knowledge, 42% identify financial advisers, bankers or lawyers as the primary trigger for taking action.

Advisers are also the most influential information source ( 47% ), reinforcing the central role of structured guidance in converting planning intent into execution.

“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,” says Harpreet Bindra, chief executive officer of HSBC Life Singapore.

“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,” he adds.