Malaysia’s wealthy are multiplying, and a growing share of their money is crossing borders. The number of ultra-high-net-worth individuals — those with net assets above US$30 million (RM122 million) – in the country is projected to grow 20.1% over the next five years, from 1,566 in 2026 to 1,881 by 2031, according to Knight Frank’s The Wealth Report 2026.
The same report puts Malaysia’s billionaire population on track to expand by around 39% by 2031, potentially lifting the country into the world’s top 15 markets by that measure. Worldwide, 89 people a day crossed the US$30 million threshold to join the ultra-wealthy between 2021 and 2026.
For Great Eastern Life Assurance (Malaysia) Bhd (GELM), the increasingly international nature of Malaysian wealth is creating a need for legacy planning that can accommodate families whose assets, financial commitments and beneficiaries extend beyond Malaysia.
Wealth that moves sideways before it moves down
GELM CEO Dato Koh Yaw Hui says customers are looking for financial planning solutions that can provide global relevance while retaining the familiarity of a ringgit-denominated policy. “As customers take a longer-term view of their financial planning, they are looking for solutions that provide global relevance while maintaining the stability of a ringgit-denominated policy.”
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The issue extends beyond where wealth is held. For families with operating businesses, overseas property, children studying or settling abroad and beneficiaries spread across several jurisdictions, succession planning can involve more than deciding who receives an inheritance.
The complexity of wealth transfer can also extend beyond the eventual handover from one generation to the next. EY’s Global Wealth Research Report 2025, based on a survey of nearly 3,600 wealth management clients across more than 30 geographies, found that wealth can move horizontally within the same generation, such as between spouses or siblings, before eventually being distributed to children and other younger family members. EY describes this as a “T-shaped” movement of wealth.
The research found that 26% of Baby Boomers surveyed expect to receive an inheritance, while EY estimates that this generation could receive up to 50% of global wealth transfers over the next decade. The findings point to the importance of planning not only for who eventually receives wealth, but also how and when it is transferred.
Life insurance is one of the tools commonly used in succession planning, providing a pool of cash upon death that can help settle estate costs, distribute wealth among heirs and provide beneficiaries with access to funds.
A ringgit policy with foreign currency links
It is against this backdrop that Great Eastern is positioning Prestige Heritage Global (formerly known as SMART Legacy Global) — a ringgit-denominated, investment-linked legacy planning plan that allows policyholders to link the value of their cover to major foreign currencies.
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“Prestige Heritage Global is designed to meet this need by allowing customers to link their legacy value to major currencies, while retaining the familiarity and structure of an MYR policy,” says Koh.
The plan offers six currency choices, including ringgit, with policyholders able to index their sum assured to the US dollar, Singapore dollar, Chinese yuan, British pound or Australian dollar, or retain it in ringgit. Coverage and benefits remain payable in the equivalent ringgit amount, allowing policyholders to account for movements in their selected currency without having to maintain a foreign-currency policy.
From the second policy year onwards, policyholders can also switch their chosen currency at no additional charge as their financial needs and priorities change. The plan provides protection for death and total and permanent disability, while coverage can be further complemented by optional riders, including the Legacy Distribution Rider.
Currency movements can add another layer of uncertainty to long-term legacy planning, particularly when beneficiaries or financial commitments are linked to assets held overseas. To address this, the plan incorporates an exchange rate lock-in feature, which links the sum assured to the highest exchange rate achieved between the ringgit and the selected currency during the policy term, rather than the rate prevailing when benefits are eventually paid.
If the ringgit weakens against the selected currency and subsequently recovers, the plan retains the value established at the higher rate rather than resetting it to a lower level. The feature is intended to provide greater certainty around the value of the eventual payout amid currency fluctuations over the policy term.
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The plan also combines its legacy planning features with an investment-linked structure. The entire initial premium is allocated to the policyholder’s chosen funds from day one, while loyalty bonuses are paid every 10 years and credited to the policyholder’s top-up account. Maturity rewards can reach up to 300% of basic annualised premiums, depending on the policy’s premium payment and coverage terms.
The plan also provides a no-lapse guarantee for the first eight years, subject to the policy’s terms and conditions. A Cover Revive feature can automatically restore the sum assured 24 months following partial withdrawals, up to a maximum aggregate of RM250,000.
For larger policies, the plan offers a non-medical underwriting limit of up to RM12 million for eligible applicants. This is intended to reduce the medical underwriting requirements that can otherwise accompany larger sums assured.
The optional Legacy Distribution Rider adds another layer to the estate planning proposition. Instead of releasing the full death benefit as a single lump sum, it allows policyholders to structure how proceeds are distributed to beneficiaries, either through instalments over time or milestone-based payouts linked to events such as a child reaching a certain age, completing an education or getting married.
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