What’s on the minds of “Crazy Rich Asians“?
According to a report by Agility Research & Strategy, well-heeled Asians are actively looking to relocate to a nearby country, gearing up for an imminent succession plan, and sending their children to study overseas.
The report, titled “2025 WealthLens Study,” surveyed more than 600 high-net-worth Individuals living in Hong Kong and Singapore — two of the wealthiest cities in Asia — with a significant portion of the individuals having more than $5 million in financial assets.
With an average age of 40 years old, 70 percent of high-net-worth individuals interviewed were male and mostly married with children. According to the survey, 33 percent of the interview subjects were entrepreneurs, 25 percent were senior executives, and 20 percent were family business owners.
According to the report, this “highly mobile and global segment” is constantly evaluating relocation options, driven by lifestyle preferences, professional opportunities, and quality of life considerations.
For the affluent class based in Hong Kong, 40 percent are considering a relocation plan for the next five years, with nearby Singapore the top destination.
For those who reside in Singapore, 50 percent are also considering a move, particularly among very-high-net-worth Individuals, or individuals with liquid assets between $5 million and $30 million, and below 45 years of age. “Their motivations are not due to dissatisfaction with Singapore but rather a desire for new cultural experiences, lifestyle changes, and professional growth,” explained the report.
Another key finding is these individuals’ outlook on succession plans.
According to the report, “a massive wealth transfer” is expected within the next 10 years, with one in three high-net-worth individuals inheriting significant assets.
“Hong Kong inheritors plan to enhance their lifestyle and living standards, indicating some dissatisfaction with their current quality of life; Singaporean inheritors, on the other hand, intend to expand their business ventures and grow their wealth further,” noted the report.
Although most individuals plan to send their children to university in the U.S. or the U.K., 20 percent are now “keen on sending their children to China for university, emphasizing China’s growing importance in the region,” noted the report.
As Asia’s wealth continues to grow, so will the concept of using wealth for a good cause. According to the research results, Hong Kong’s affluent class prioritizes education for the underprivileged and climate action, while wealthy Singaporeans focus on quality health care for the disadvantaged populations and better education opportunities.
