Going global: the default strategy for wealth and legacy planning
8 May 2026
Key takeaways
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International financial hubs have become the foundation stone for future-proofing wealth, with insurance increasingly the preferred building block for high-net-worth individuals (HNWIs).
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It’s not just about tax. The drive to go offshore is in search of quality, stability and accessibility.
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Hong Kong and Singapore are taking centre stage as preferred international centres alongside Asia’s rising prosperity and upcoming intergenerational wealth transfer.
One of the first lessons that any investor typically learns is the importance of diversification. At its most basic, this entails spreading investments across a range of asset classes to minimise risk (avoiding putting all your eggs in one basket) and to maximise returns.
And the wealthier the individual, the more diversified their portfolio tends to become.
But the diversification principle has a second key meaning for these investors too. High-net-worth (HNWI) and ultra-high-net-worth (UHNWI) individuals also understand that it isn’t just about what they invest in but also where they do it from.
As a result, the place that an HNWI considers their primary residence or where their main line of business is based (their illiquid assets), often differs from where their portfolio is managed (liquid assets) and, increasingly, where their legacy planning takes place. [@wealth-and-legacy-planning-1]
Managing their investment portfolios and legacy planning through international financial centres has become the norm, with many acquiring additional residencies there. A recent HSBC Life survey of 908 HNWIs, covering nine Asian and Middle East markets, highlights just how commonplace this practice has become.
We found that 94% of HNWIs are using or considering at least one international financial hub for their wealth or legacy planning needs. The average number of hubs used is 4.5 , with three taking centre stage — two in Asia (Hong Kong and Singapore), plus the US.
Raj Kumar, Global Head of Customer and Partnerships, Insurance, HSBC Group, explains “Hong Kong and Singapore are rising in tandem with Asia’s growing wealth and the massive intergenerational transfers that are taking place from first to second or third generations. They’re also both flourishing because they serve an overlapping and complementary purpose in facilitating international financial flows.”
Our survey results reflect this. The preferred hub, overall, is Singapore, with 70% of HNWIs currently using it to support their legacy planning needs, with huge popularity from Indonesia, where 84% of HNWIs are using it.
Hong Kong, on the other hand, is clearly the undisputed gateway for mainland China, used by 89% of respondents there. Indeed in recent years, Hong Kong has consolidated its status as one of the world’s leading financial centres — adding to its existing credentials of mainland China’s leading international capital raising hub and main international wealth management hub. [@wealth-and-legacy-planning-2]
The international financial centre wish list
What draws HNWIs to these international hubs is very clear.
While tax is often cited as the top reason, our research highlights that the real driver is peace of mind. HNWIs view international financial centres as secure locations to safeguard existing assets and build new investment streams. They increasingly perceive them as safe havens in an unpredictable world
This desire to use international financial centres as a form of risk management takes many forms. One aspect HNWIs look for is political and economic stability. Stable regulatory regimes and legal environments offer a protective shield for wealth. Nearly half of our respondents cite this as one of their top three factors (43%).
What international financial centres also share is the presence of high-quality, globally recognised financial institutions. This ranks as the most important factor of all, chosen by 44%.
As Alison Law, Chief Customer and Distribution Officer, Insurance HSBC, comments, “What ticks the most boxes for wealthy individuals are institutions with a long history, strong brand reputation and high credit ratings. All three help to reassure them about the safety of their assets.
“These institutions are also the ones with the widest range of products and services to help achieve another key aim, maximising investment opportunities,” she adds.
Indeed, access to a wider variety of higher-quality products and services ranks third on the list of factors (42%).
Offshore insurance leads as a legacy solution
One product that HNWIs are heading to international financial centres to acquire is insurance. Almost half of our surveyed HNWIs are using or thinking of using one for this purpose (43%).
Insurance is more popular than establishing a trust (40%) or a family office (28%). And it’s almost as popular as general banking and currency deposits (48%).
This finding underlines just how important offshore insurance has become for wealth management and legacy planning. More than three-quarters of our respondents agree that this is the case, led by Thailand and mainland China (92% and 91% respectively).
The reasons why HNWIs say they favour offshore hubs for their insurance needs mirror why they like them for wider financial planning too. It’s all about diversification, peace of mind and seeking out higher returns.
And their preferred currency for offshore insurance policies is the US dollar. Nearly two-thirds express this preference, almost four times more than for their home currency. Once again, this speaks to a desire for diversification.
It all adds up to a very clear picture. As William Chan, Global Chief Investment Officer and Head of Investment Hub, Insurance, HSBC Group concludes, “Insurance has become an indispensable legacy management tool, and it’s offshore insurance that increasingly appeals as the conduit to manage and optimise an HNWI’s long-term wealth.”
Remarks: A high-net-worth individual is defined as an individual possessing assets of USD 2 million or more, whereas an ultra-high-net-worth individual is classified as having assets of USD 50 million or above.
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