Singapore leads regional peers in wealth succession planning, with 76% of wealthy residents aged 55 and above having established wills or succession arrangements, compared with 41% in Hong Kong, according to a white paper by Citi Wealth and independent research firm RFI Global. The study, titled “Singapore at Heart, Global in Possibilities,” highlights the city-state’s proactive approach to intergenerational wealth transfer amid growing demand for financial guidance.
Succession Planning Trends and Triggers
Among Singapore’s affluent population, financial advice and health concerns are the primary catalysts for succession planning, each cited by 41% of respondents. Retirement planning follows at 37%, while marriage, divorce, or childbirth account for 18% and 13% respectively. When structuring estates, protecting family assets was the main priority, cited by 51% of respondents. Avoiding family disputes and ensuring fair distribution amongst heirs were each cited by 45%.
According to the report, wealth management increasingly relies on integrating technology with human expertise, as clients seek investment opportunities while preparing for wealth transfer across generations. Advisers must look beyond clients’ financial assets to consider family circumstances, life goals, and their intended legacy.
Asset Growth and Investment Shifts
Singapore’s high-net-worth (HNW) clients saw a 6% increase in average assets to $1.50 million in 2026, up from $1.41 million in 2025, driven by inflows from across Asia. Average assets under management (AUM) for affluent clients rose 5% to more than $565,000 per financial institution, compared with $537,710 in 2025. Cross-border banking customers from Indonesia and Malaysia accounted for 41% and 36% of Singapore’s international clientele, respectively.
HNW investors in Singapore are increasingly favoring professionally managed investments, with mutual fund ownership nearly tripling from 11% in 2022 to 31% in 2026—the highest rate in Asia. This compares with 24% in India, 17% in South Korea, 16% in Hong Kong, and 7% in mainland China. Despite this trend, cash and liquid deposits still dominate portfolios, comprising 72% of onshore affluent assets and 74% of offshore holdings in Singapore, leaving only 26% to 28% allocated to investments.
Comparative Analysis with Hong Kong and Global Markets
Hong Kong mirrors Singapore’s cash-heavy approach, with 76% of offshore assets held in deposits. In contrast, U.S. affluent and HNW clients allocate 58% of assets to long-term investments, while 42% remain in deposits. The high liquidity preference in Asian wealth centers reflects a focus on capital preservation and flexibility, though room for diversification into longer-term assets exists. Yeo Wenxian, Asia South Head of Wealth at Citi and CEO of Citibank Singapore, attributes Singapore’s appeal to its stable operating environment and access to global markets, which attract international wealth seeking diversified investment options.
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