Affluent Asians leave $5.7b unprotected despite planning intent

Three-fifths of wealthy respondents still have no formal legacy structure in place.

Almost three-quarters of high-net-worth individuals (HNWIs) said they are fully aware of legacy planning and plan to act on it, yet three-fifths have yet to implement a plan.

This gap between intention and action represents a $5.7b exposure out of a combined $9.9b in net wealth, according to HSBC Life’s “Bridging the intentions-action gap” report.

HSBC Life said life insurance has become the preferred legacy planning tool for high-net-worth individuals (HNWIs), overtaking traditional options such as wills, according to its latest survey. 

The survey, which covered more than 900 HNW individuals across nine markets in Asia and the Middle East, found that insurance is now the most commonly used legacy planning tool, with one in four respondents choosing it as their primary option, compared to one in five who prefer wills. 

Across markets, between 17% and 35% of HNWIs use life insurance as their main planning tool, with higher adoption seen in India, Thailand and Indonesia. 

The study also found that younger individuals are more engaged in legacy planning. 

Respondents aged 30 to 39 were more likely to be gathering information, whilst more than half of those aged over 60 do not have a plan in place. The average starting age for legacy planning across markets is 45. 

Macroeconomic and financial volatility was identified as the main driver for legacy planning, cited by 45% of respondents. 

Advice from financial advisers ranked second, particularly amongst younger respondents, whilst family milestones such as marriage or childbirth were less significant factors. 

The report also highlighted a strong preference for international financial centres, with 94% of respondents choosing locations such as Hong Kong, Singapore and the UAE for legacy planning. 

HSBC Life said its high-net-worth business contributed to growth in 2025, with 456 legacy policies issued during the year, each valued at more than $10m, representing over 200% growth compared to the previous year. 

The segment supported a new business contractual service margin of $3.4b, up 35% year-on-year.