Wealth planning puts Singapore ahead of Hong Kong

Amongst wealthy residents aged 55 and above, 76% have wills or succession arrangements.

Around three-quarters of affluent Singaporeans have a will or wealth succession plan in place, or intend to establish one, putting the country ahead of regional peers across age groups.

Amongst those aged 55 and above, 76% had established wills or succession plans, compared with 41% in Hong Kong, according to a white paper by Citi Wealth and independent research firm RFI Global.

Advice from a financial adviser and health concerns were the leading triggers for succession planning in Singapore, both cited by 41% of respondents. Retirement planning followed at 37%, whilst marriage or divorce accounted for 18% and the birth of a child for 13%.

Protecting family assets was the main priority when structuring estates, cited by 51% of respondents.

Avoiding family disputes and ensuring fair distribution amongst heirs were each cited by 45%.

Yeo said wealth management would increasingly depend on combining technology with human advice, as clients seek to assess investment opportunities whilst preparing to transfer wealth across generations.

Advisers must look beyond clients’ financial assets to consider family circumstances, life goals and their intended legacy, she said.

Singapore’s high-net-worth (HNW) clients recorded a 6% increase in average assets to $1.50m in 2026, up from $1.41m in 2025, as the city-state continues to attract wealth from across Asia.

Average assets under management (AUM) for affluent clients also rose 5% to more than $565,000 per financial institution, compared with $537,710 in 2025.

Titled “Singapore at Heart, Global in Possibilities”, the study examines Singapore’s position amongst global wealth markets, the role of artificial intelligence (AI) in wealth management and preparations for intergenerational wealth transfers.

Indonesia accounted for 41% of cross-border banking customers in Singapore, followed by Malaysia at 36%.

Yeo Wenxian, Asia South Head of Wealth at Citi and CEO of Citibank Singapore, said Singapore’s stable operating environment and access to global markets continued to attract international wealth.

As wealth becomes more international, clients are seeking investment opportunities beyond their home markets and advice to navigate increasingly complex financial markets, she said.

Singapore’s HNW investors are increasingly turning to professionally managed investments. Mutual fund ownership amongst this group nearly tripled from 11% in 2022 to 31% in 2026, the highest rate in Asia.

Adoption in Singapore exceeded India at 24%, South Korea at 17%, Hong Kong at 16% and mainland China at 7%.

However, cash and liquid deposits continued to account for most wealth portfolios. They represented 72% of onshore affluent assets and 74% of assets booked offshore in Singapore, leaving just 26% to 28% allocated to investments.

Hong Kong showed a similar pattern, with 76% of offshore assets held in deposits.

By comparison, affluent and HNW clients in the US allocated 58% of their assets to long-term investments, whilst 42% remained in deposits.

The high proportion of cash holdings in Singapore and other Asian wealth centres reflects investors’ preference for liquidity and capital preservation, whilst leaving room for greater diversification into longer-term investments.