Here is another case of the intersection of health and wealth management in an Asian context.

A survey finds that although the vast majority of high net worth individuals in Singapore think that “nothing is more important than health,” fewer than half are confident that they can remain hale and hearty into later life.

The survey, conducted in March and April 2025, by Manulife Singapore and Forbes Insights highlights a growing disconnect among HNW individuals in the Asian city-state. Only 44 per cent of them are very or extremely confident about their long-term health prospects, despite widespread access to quality healthcare and a strong culture of wellness. 

This outcome questions long-held assumptions that wealth brings peace of mind, especially with regard to ageing and health. It also gels with efforts by some firms in the wealth sector to meld financial and health operations. 

“For our clients, wealth is no longer an end in itself – it’s a way to protect the lifestyle, health, and personal choices they’ve worked hard to achieve,” Mark Czajkowski, chief marketing officer at Manulife Singapore, said. “The real opportunity now lies in aligning lifestyle ambitions with clear, integrated plans for health, longevity and retirement – enabling people to enjoy care, comfort and choice in later life.”

The study surveyed 250 high net worth individuals across Singapore (36 per cent), Hong Kong (24 per cent), and mainland China (40 per cent). HNW individuals were defined as individuals with net investable assets ranging from $1 million to more than $10 million. (For the purpose of this specific article, we focus on the Singapore experience.)

Manulife Singapore said it will be rolling out health-focused initiatives in the fourth quarter of 2025, designed to help clients manage long-term wellbeing.

A confidence lag, pressure building
Although 94 per cent of HNW individuals in Singapore recognise the importance of health, the study reveals concerns about financial preparedness. For example, 44 per cent of respondents said they are only moderately or slightly confident about their financial readiness for long-term care and medical expenses. Fewer than half (47 per cent) are confident that their financial plans will cover potential disability or incapacity.

There are barriers to long-term lifestyle planning. The report showed that more than a third (34 per cent) of respondents said they had increasing mental health problems stemming from high-pressure work, and 30 per cent struggled to change their lifestyle.

Away from Singapore, in Manulife Hong Kong and Deloitte’s study of high net worth individuals in Greater China, issued in February 2025, it noted that ensuring health and long-term care is as much about safeguarding family legacy and harmony as it is about managing wealth. “In today’s evolving financial environment, HNWIs are turning to insurance as a key strategic means of achieving financial stability, effectively managing risks, and preserving their legacies,” Albert Mak, chief agency officer of Manulife Hong Kong and Macau, said in that report.

Another theme in the health/wealth space is critical illness cover and its use – or possible under-use – by the wealth advisory sector. Singapore Life, for example, says the potential growth of this market is "huge."  There were stories of how the lives of business owners and senior professionals have unravelled, causing major disruption and stress, because they lacked this form of cover.

Editor’s note: The survey also highlights the need to distinguish lifespan from “healthspan.” It might be assumed that healthspan means the period of a life when a person is healthy, but the idea of what constitutes healthy can vary. Another way of thinking of it is being free from serious disease (source: Tim Peterson, assistant professor in the Department of Medicine at Washington University in St Louis, 30 May 2017).