Cover High-net-worth individuals across Asia are viewing well-being as one of their top priorities (Photo: Getty Images)
High-net-worth individuals across Asia are viewing well-being as one of their top priorities (Photo: Getty Images)
1 / 1
As the wealthy population of Singapore and its regional neighbours are expected to grow in the next few years, wealth managers like AIA Singapore are adapting their strategy to offer more holistic solutions centred around well-being
Asia’s wealth landscape is flourishing. According to Knight Frank’s Wealth Report, the region’s high-net-worth (HNW) population is expected to increase 61 percent to 28.2 million individuals by 2026, up from 17.5 million individuals in 2021.
Singapore alone will see its share grow 12 percent to around 592,000 individuals.
In the city-state, this trend is accompanied by a triple growth in family offices. In 2020, there were just 400 family offices; the number has since increased to 1,650 as of August 2024, said MAS deputy chairman Mr Chee Hong Tat, also Singapore’s Minister for Transport and Second Minister for Finance, at the Global-Asia Family Office Summit last month.
Read more: Turning her pain into power, Cheryl Wee is on a mission to build a holistic wellness ecosystem
Melding wealth creation and well-being
As wealth continues to grow in this part of the world, well-being, not just money, is increasingly being seen as a priority for HNW individuals. According to AIA’s Holistic Wellness study, the three most important dimensions of well-being for them are physical, mental and financial wellness.
Mirroring these three aspects highlighted by AIA, the 2021 Agility Research and Strategy’s WealthLens Singapore Study found that the country’s HNW individuals prioritise financial well-being (64 percent), mental well-being (62 percent), and physical well-being (61 percent) over work (33 percent).
This past April, AIA Singapore launched the AIA Wealth Centre to cater to the expectations of domestic and regional affluent and HNW individuals and families.
The AIA Wealth Centre opened its doors at 6 Battery Road in April 2024 (Photo: AIA Singapore)
1 / 2
Accessible only by invitation, the centre offers a multi-disciplinary suite of wealth advisory services, where clients can consult various experts on their specific needs, ranging from wealth preservation to legal, tax and trusts.
“AIA Wealth Centre is a strategic investment by AIA Singapore to demonstrate our commitment to provide tailored solutions and unparalleled experiences to clients, within an exclusive space,” said Wong Sze Keed, AIA Singapore CEO, at the centre’s launch. “The AIA Wealth Centre empowers customers in Asia to navigate complex financial landscapes, achieve their wealth preservation goals and meet their financial aspirations.”
To ensure its team of financial and wealth management consultants can address the sophisticated demands of HNW clients, AIA Singapore has partnered with the Wealth Management Institute of Nanyang Technological University. “This collaboration equips them with the most up-to-date knowledge and skills, allowing them to offer clients the most comprehensive and personalised wealth management strategies possible,” said Wong.
Alongside the opening of the centre is the launch of AIA International Wealth, a subsidiary of AIA Singapore designed to help affluent and HNW clients grow and manage their wealth and well-being through bespoke privileges and solutions, from insurance protection to legacy planning.
NOW READ
5 books that promote hope amid adversity for World Mental Health Day
Chong Seow Wei is a regional senior editor covering business, innovation, impact and people. Based in Singapore, she oversees content for Gen.T, Tatler’s platform for promising entrepreneurs and new-generation leaders, and its Power & Purpose vertical.
