Accelerating the Wealth Journey – From Stability to Abundance

In this study, we looked at 1,000 affluent Singaporeans and 1,000 affluent Hongkongers that are categorised across five different levels of wealth¹ - Financial Stability (ST), Financial Security (SE), Financial Flexibility (FL), Financial Freedom (FR) and Financial Abundance (AB) – and how they approach areas such as wealth creation and intergenerational wealth transfer.

It comes at a time when Singaporeans & Hongkongers continue to tackle an ongoing cost of living crisis with core inflation beating latest projections^2,3 in April, underscoring the importance for investors to protect their wealth more than ever from eroding in value amid global economic uncertainty.

About the study

The findings in this survey were analysed and established through a total of 2,000 interviews conducted online in February and March 2023 in Hong Kong (1,000) and Singapore (1,000).

Only respondents between the ages of 25-64 and which held personal investments in stocks, property, shares, funds, etc. were interviewed. All respondents were from households with a minimum annual income of S$70,000 to over S$250,000.

Respondents are also categorised by five different levels of wealth based on the following definitions:

1. Financial Stability: You have sufficient money after your monthly expenses are paid to ‘save’ a portion of your income.
2. Financial Security: You have sufficient money after your monthly expenses are paid to ‘save’ a portion of your income and also invest’ money if you choose to.
3. Financial Flexibility: You have sufficient financial investments and/or assets to cover your living costs for up to one year if you needed to.
4. Financial Freedom: You have sufficient financial investments and/or assets to generate enough passive income to live on if you needed to on an ongoing basis.
5. Financial Abundance: You are financially stable and have more than enough income than you are ever likely to require in your lifetime and need to consider how to transfer this wealth.

¹ Definitions of different wealth levels can be found under research methodology.

² https://www.reuters.com/markets/asia/singapore-april-core-inflation-rises-5-beating-forecast-2023-05-23/#:~:text=Headline%20inflation%20was%20up%205.7,%25%20to%206.5%25%20this%20year

³ https://www.thestandard.com.hk/section-news/section/11/247889/Hong-Kong-ranked-fourth-costliest-city-in-the-world