UBS Investor Watch Research discovers Singapore’s millionaires are making financial changes to prepare for ultra long-lives

• Over 400 Singaporean millionaires included as part of the largest recurring global study of High Net Worth individuals
• Close to half of Singapore's millionaires surveyed believe that they will live to 100
• 85% say that working is good for health, but 92% say that health is more important to them than wealth
• Concern over the cost of such a long life, particularly healthcare costs, is driving changes to spending patterns, lifestyles and long-term investment choices and legacy plans for coming generations
• Globally, Singaporean millionaires feel the strongest sense of duty to use their wealth to improve the health of the wider society

Singapore, 19 April 2018 – An increasingly strong belief that they will live to 100 is driving significant changes in spending, investing and legacy behavior by Singapore’s wealthy.

This is the key finding from UBS Investor Watch, the largest recurring global study of High Net Worth Individuals (HNWIs)* in the world, which covers the views of close to 5,000 people globally.

Hartmut Issel, Head Asia Pacific Equities and Credit, Chief Investment Office, UBS Global Wealth Management, said “The latest global survey findings highlight how HNWIs around the world are getting prepared for a 100 year life and their focus on health as a top priority. It is heartening to note that many Singaporeans already have a financial plan in place, and are adjusting their investment portfolios in preparation for a longer life span. We would recommend that investors start wealth planning early, and ensure that they have a well-diversified investment portfolio”.

Singapore millionaires are optimistic about their health

Almost half of Singapore’s wealthy people now believe they will live to 100, this is markedly above the current national life expectancy forecasts in most developed countries.

For many Singaporean millionaires, being healthy is the top priority. In fact, 92% say investing in their health is more important than growing their wealth. Investors in Hong Kong and Taiwan feel the same.

In fact, the average wealthy Singaporean citizen would sacrifice around a third of their wealth today if that could guarantee another ten years of healthy life.

Financial preparedness for a 100 year life

The majority of the Singaporean millionaires (79%) have a financial plan in place. In general, healthcare costs ranks as a key concern amongst millionaires around the globe. This is similar in Singapore, where two thirds of the millionaires are worried about rising medical costs.

As a result, Singapore millionaires plan to allocate 30% of their wealth in retirement to healthcare costs.

Singapore millionaires believe working longer ensures well being

A vast majority of Singapore millionaires (85%) believe that engagement of work has positive benefits of health.

68% of Singaporean millionaires are working beyond the traditional retirement age or plan to do so.

While work is seen as beneficial, many millionaires are also taking steps to balance work and their personal lives. Asian millionaires (including Singapore) have reduced their working hours and stopped working on weekends and holidays.

Singapore millionaires on their investment strategy and legacy

The 100-year life is changing investment behavior in Singapore too, with 45% planning to adjust their longterm financial plans, and 46% adjusting their spending patterns.

In addition, 41% have or will make more long-term investment decisions, with equities, bonds and real estate seen as strong places to invest long-term.

Living to an advanced age is even impacting the way wealthy investors plan their legacy. This process will also start earlier, with 51% planning to give more away while they’re still alive.

Singapore millionaires care about the health of wider society

As well as recognizing the importance of their own health in relation to their wealth, 87% of Singaporean millionaires say they feel a sense of duty to help less fortunate members of society stay healthy. They are acting on this, with 65% having invested in an area of health in order to generate a positive social impact (more than in any other market).

Notes to Editors

About the research

*The cited research was conducted among nearly 5,000 millionaires with at least USD 1 million investable assets (excluding property). The global sample was split across ten markets: Germany, Hong Kong, Italy, Mexico, Singapore, Switzerland, Taiwan, the USA, the UAE and the UK. In Singapore over 400 individuals were sampled.The research was conducted between December 2017 and April 2018.

About UBS Global Wealth Management

As the world's largest wealth manager, UBS Global Wealth Management provides comprehensive advice, solutions and services to wealthy families and individuals around the world. Clients who work with UBS benefit from a fully integrated set of wealth management capabilities and expertise, including wealth planning, investment management, capital markets, banking, lending and institutional and corporate financial advice.

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