---
title: "Rich M’sians Need Close To RM4mil To Retire Comfortably, Survey Finds"
url: https://weirdkaya.com/affluent-malaysians-expect-rm3-61-million-to-retire-comfortably-according-to-hsbc-report/
date: 2024-11-05
modified: 2024-11-05
lang: en
author: "Dylan"
description: "Affluent Malaysians believe they need around US$830,000 (RM3.61 million) to retire comfortably, according to HSBC’s 2024 Quality of Life Report. According to the HSBC survey defines \"affluent\" as people with..."
categories:
  - "Society"
tags:
  - "HSBC"
  - "Malaysia"
  - "Malaysian"
  - "retire"
  - "RM4 Million"
image: https://cdn.weirdkaya.com/media/affluent-malaysians-expect-rm361-million-to-retire-comfortably-according-to-hsbc-report.png
word_count: 313
---

# Rich M’sians Need Close To RM4mil To Retire Comfortably, Survey Finds

##### Affluent Malaysians believe they need around US$830,000 (RM3.61 million) to retire comfortably, according to HSBC’s 2024 Quality of Life Report.

According to the [HSBC](https://internationalservices.hsbc.com/quality-of-life/2024/) survey defines "affluent" as people with investable assets between US$100,000 and US$2 million.

## Lower expectation than Hong Kong

This target amount is lower than what affluent individuals in Hong Kong (US$1.08 million) and Singapore (US$980,000) expect but higher than in India (US$390,000) and Indonesia (US$340,000).

HSBC surveyed over 11,000 affluent people across 11 countries, including Malaysia.

About 73% of affluent Malaysians feel they’re on track with their retirement savings. Yet, nearly half (48%) said they plan to work after retiring—a slightly higher rate than the survey average of 47%.

## Savings alone is not enough

Linda Yip, HSBC Malaysia’s Head of Wealth and Personal Banking, stressed the need for financial planning, saying savings alone might not be enough for a comfortable retirement.

> **"Financial planning and the right investments are essential," Yip said. **

She added that with Malaysia’s growing economy and its goal to become a high-income country, many affluent Malaysians are investing nearly 24% of their monthly income to secure their future.

## Affluent Malaysians have a detailed financial plan

The report also revealed that half of affluent Malaysians have a detailed financial plan.

Key steps for retirement planning include having a clear plan (84% of Malaysians do), knowing how much they need for retirement (86%), reviewing their retirement savings regularly (88%), and sticking to a savings plan (86%).

Malaysia ranks second highest in “retirement planning” among the countries surveyed.

Top retirement worries for affluent Malaysians are declining health (44%), rising healthcare costs (40%), and inflation reducing their savings (38%).

For 44% of respondents, having enough insurance is a key financial goal.

Additionally, 72% of affluent Malaysians consider themselves "wealth planners" who prioritize growing their wealth—a higher percentage than in Singapore (61%), Taiwan (61%), and Hong Kong (60%).

[Read also:](https://weirdkaya.com/35yo-msian-shares-how-she-managed-to-save-up-to-rm2mil-in-epf-savings/)

https://weirdkaya.com/35yo-msian-shares-how-she-managed-to-save-up-to-rm2mil-in-epf-savings/

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