Navigating Wealth In ASEAN: How HNWIs Can Protect And Expand Their Legacy

The ASEAN region has witnessed remarkable economic growth in recent years, leading to a substantial increase in the population of High-Net-Worth Individuals (HNWIs) and families.

GDP growth accelerated in four out of the six countries in the region – Malaysia, the Philippines, Thailand and Vietnam – growing more in these countries in the second quarter alone than it did in the three preceding quarters, according to US consulting firm McKinsey's latest Southeast Asia quarterly economic review.

Indonesia held steady while Singapore's growth in the second quarter was a whisker (0.1%) down on the previous quarter. Strong performance across services and manufacturing sectors, particularly in electronics, helped boost the region's economy. The Philippines and Vietnam continued as the region's top two performing economies, growing at 6.3% and 6.9% respectively, with Malaysia coming in third with 5.9%.