Asia Legacy Planning Gap Leaves Many Wealthy Families Exposed

Asia legacy planning remains weak, with nearly six in 10 high-net-worth individuals in the region lacking a formal plan, according to an HSBC Life report that highlighted risks to intergenerational wealth transfer.

Only 24% of respondents in Taiwan had a legacy plan, followed by 26% in Hong Kong and 36% in mainland China, while Thailand led the surveyed markets at 57%.

The report said economic and financial market volatility, cited by 45% of respondents, was a stronger trigger for planning than age or lifestyle milestones.

Life insurance was named the most preferred legacy tool at 87%, ahead of wills at 82% and family trusts at 76%.

The survey covered 900 respondents across nine markets in Asia and the Middle East, underscoring a broad Asia legacy planning gap.