Market volatility, family feuds fuel Hong Kong's wealth transfer anxiety: Sun Life survey

Core Insights - Nearly half of Hong Kong residents are concerned about the longevity of their wealth, with 44% fearing their wealth will not last beyond their children, and only 14% believing their children will adhere to their legacy wishes [1][2] - The survey indicates a significant worry about potential conflicts over assets, particularly among high net worth individuals, with 64% expressing such concerns [3] Wealth Transfer Concerns - 54% of respondents worry about conflicts over their assets, with a notable 64% among high net worth individuals with investable assets exceeding US$1 billion [3] - A low level of preparedness for wealth transfer is evident, as only 12% of respondents felt fully prepared for their death, while 49% had no plans at all [5] Market Trends and Product Demand - The current financial market instability has led to increased demand for trust-like insurance products, allowing affluent individuals to allocate assets based on the heir's age [4] - Sun Life plans to focus on the retirement market and explore opportunities in the silver economy, anticipating that one in three Hong Kong residents will be aged 65 or above by 2039 [6] Strategic Focus - Sun Life aims to diversify its strategy by serving mainland Chinese clients, local residents, and high-net-worth individuals, responding to the risks in the capital market [7]