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Two-thirds of high-net-worth individuals (HNWIs) in Hong Kong and mainland China have no legacy plan in place, according to an HSBC Life research released Monday.
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The insurer's survey found that "Concerns about future economic or market volatility" has become the primary catalyst for legacy planning, cited by 47 percent of Hong Kong respondents and 51 percent of their mainland China counterparts.
In both markets, market volatility is three times more influential than the birth of a child and four times more influential than marriage.
The two markets differ in priorities. Hong Kong HNWIs favour capital preservation at 43 percent and worry most about global economic or market volatility at 42 percent, while mainland counterparts prioritize stable growth at 46 percent and fear the next generation may mismanage wealth, also at 46 percent.
Life insurance has emerged as the leading legacy planning tool, used or considered by 80 percent of Hong Kong respondents and 92 percent in mainland China, outpacing traditional instruments such as wills.
Daisy Tsang, chief executive of HSBC Life Hong Kong and Macau, said insurance had moved front and centre for HNWIs as a strategic tool to protect and grow wealth, manage risk and support intergenerational transfer.
The survey covered 101 Hong Kong and 102 mainland China respondents, with fieldwork conducted between September 2025 and March 2026.
HSBC Life said it will launch the HSBC Luminous Global Insurance Plan at the end of June, a whole-of-life insurance solution featuring built-in currency diversification and flexible intergenerational policy transfer.
