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Women in Hong Kong are redefining the meaning of legacy
Wealth transfer emerges as potential conduit for values transfer
The Asset 14 Jun 2018

Three quarters of HNWIs in Hong Kong, mainland China and Singapore believe that society has become more inclusive, but this overlays divergent opinions in individual markets. These findings emerge from new research commissioned by RBC Wealth Management and conducted by The Economist Intelligence Unit. While an average of 75% of HNWIs surveyed across the three markets believe that society has become more inclusive, Hong Kong fell below this level. In Hong Kong, 65% of all respondents believe that society has become more inclusive but men (58%) are less confident of this than women (73%).

"We find it interesting that HNW men in Hong Kong are less convinced than women that society has become more inclusive," said Vivian Kiang, head of wealth planning, RBC Wealth Management - Asia. "However, in this case there would appear to be some basis for men to hold these views – indeed, the survey shows that Hong Kong lags its peers significantly in terms of the percentage of HNW female respondents who are business owners at 8% versus 35% in mainland China and 31% in Singapore."

Regardless of these differences, a large proportion of women across the surveyed markets believe there are now more resources to support starting a business and a greater openness to wealth generation in society. In Hong Kong, 32% and 38% of HNW women agreed with these statements, respectively. While these levels lag those reported in mainland China and Singapore, they could be interpreted as representing a large cadre of women in Hong Kong who feel increasingly empowered to independently manage their careers and build wealth.

When it comes to managing wealth, the survey reveals an interesting intersection between financial and social values. Whereas it may not be surprising that 63% of HNWIs in Hong Kong believe they have an obligation to pass on wealth to the next generation, an even greater percentage – 77% – believe they also have an obligation to transfer values. From this perspective, wealth transfer emerges as a potential conduit for values transfer as well. Indeed, 76% of HNWIs across the three markets agree that impact investing can be a form of giving.

"The intersection of these two points raises interesting implications for investment service providers," explained Peter Corry, Head of RBC Wealth Management - Asia. "In Hong Kong, 68% of respondents indicate that they consider impact investing – investing that also aims to deliver positive social effects – to be a form of giving and 42% align their investing to their giving goals.

"As more women start businesses and grow wealth across Hong Kong, mainland China and Singapore, wealth managers have an opportunity and duty to understand and serve the distinct needs of this client segment. Whether it's providing the products or solutions they desire or helping them plan for the transfer of their wealth and values, it's clear that women, and their legacies, will become increasingly important to Asia's investment landscape."

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