Hong Kong HNWIs eye Singapore for better quality of life

2 in 5 of HNWis plan to relocate in the next five years with Sinagpore as the top choice.

In Hong Kong, two in five High-Net-Worth Individuals (HNWIs) are considering relocating in the next five years, with Singapore as the top destination, according to a report by Agility Research & Strategy.

The report found that their primary motivation is to have a better quality of life.

When it comes to education, 40% of HNWIs send their children to local universities, while 60% plan to send them abroad with 20% keen on sending their children to China.

In terms of wealth management, 28% of HNWIs in Hong Kong have already established legal trusts, primarily for wealth transfer after their passing. A significant wealth transfer is expected over the next 10 years, with one in three HNWIs set to inherit substantial assets.

The report also revealed that inheritors in Hong Kong intend to enhance their lifestyle and living standards, indicating some dissatisfaction with their current quality of life.

In addition, when it comes to social responsibility, HNWIs in Hong Kong prioritise education for the underprivileged and climate action.

Agility Research & Strategy surveyed over 600 HNWIs in Hong Kong and Singapore.