HSBC discloses 2023 quality of life report

The Quality of Life Index for 2023 which measured physical health, mental wellness, and financial fitness yielded an average score of 75. However, developed economies like Singapore and Hong Kong are on the path to securing a lower standing in this index, as per the findings.

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The report delved into the essential components that factor into a good quality of life. Respondents took into consideration physical health, quality time spent with friends and family, stable income, mental health, emotional well-being, travel, spiritual wellness, home ownership, career success, and passive income.

When comparing developed markets to emerging ones, a notable disparity emerged. The bottom two were Singapore and Hong Kong with scores of 68 each, followed closely by the United Kingdom with 69 and the United States with 70.

On the other hand, emerging economies present a different picture. Malaysia, considered at the lower end of the spectrum in this category, got a 77 score, closely followed by China (79), Mexico (79), the United Arab Emirates (80), and India (80).

In Asia, Singapore and Hong Kong exhibit lower scores in terms of mental wellness, both scoring 61. Singapore rates its physical wellness at 66 and financial wellness at 80. Hong Kong reflects similar results, except for physical wellness, which is rated at 65.

In contrast, India’s scores are as follows: financial fitness (85), physical wellness (81), and mental wellness (77).

China, on the other hand, posts the following scores: financial fitness (83), physical wellness (80), and mental wellness (75).

Malaysia follows closely with financial fitness (82), physical wellness (78), and mental wellness (71).

Globally, mental wellness is the lowest-scoring among the three key factors, with a score of 70. Physical wellness follows at 73, with financial fitness taking the lead at 82.

The report collected insights from 2,250 high-net-worth people worldwide. Each market surveyed 250 individuals between 30 March and 9 April. The sample spanned a wide age range, from 25 to 69 years old. This provided a comprehensive perspective on the factors affecting quality of life in today’s society.

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