What’s Driving the Trillion-Dollar Wellness Megatrend?

In 2024, Americans spent $6,293 per capita on health and wellness, according to the Global Wellness Institute. That makes the US the world’s leading health and wellness economy by far, with a total value of $2.1 trillion — more than blue-chip tech stocks like Meta and SpaceX and double the market cap of Berkshire Hathaway. 

Rising health care costs are one driver of that spending, but other reasons stem from more positive trends as people take responsibility for their own wellness. Americans are also living longer: If you’re 40 years old now, you can expect to live to nearly age 83 if you’re a woman, or age 79 if you’re a man, according to the US Centers for Disease Control and Prevention.
As millions live longer, there has been a shift in what the concept “wealth” really means. It’s no longer about accumulating assets alone, but also protecting the ability to enjoy those assets, no matter your age. Priorities are maturing, and it’s made living well as important as earning well.
“For many people, the ability to work and earn is their biggest financial asset,” says Racquel Oden, Head of Wealth, Premier and Private Banking, US. “Investing in health is about protecting that earning power and making sure you’re healthy enough to enjoy it.” 

Living longer can also mean spending more time in caregiving roles — supporting an aging parent, partner, relative or friend — or possibly receiving care yourself. But longevity also brings more time to enjoy fulfilling work or an active retirement — a reminder to not wait before enjoying wealth. 

Add it together and better health is big business. For that reason, a focus on wellness is becoming a larger part of an overall wealth protection strategy.

Greater awareness of all these factors is driving health and wellness spending. Beyond wanting to stay healthier, fitter and stronger now, Americans increasingly understand that maintaining their physical and mental well-being is critical to living the meaningful lives they envision for themselves and their families.

That means wealth planning is also changing, as the definition of wealth expands beyond financial security. Rather than just growing financial assets, modern wealth planning must protect the health that enables you to earn, enjoy and transfer that wealth, enriching the lives of others.

“As clients build wealth, they’re thinking about how to live well, and that means thinking about health and wealth together,” says Oden. “Health is also a top concern for many clients, especially as its cost continues to go up. No matter your age, an unexpected health event can have a significant impact on someone’s wealth. That’s why health has to be part of long-term financial planning. It gives people confidence to make the most of their lives today while preparing for their future” 

As today’s investors plan for longer, healthier lives, they expect their financial institutions and advisors to take a leading role in helping them benefit from advances in preventive medicine, mental wellness and personalized health care.

To create opportunities for clients to improve their health, reduce stress and prioritize taking care of their bodies and minds while they grow their wealth, HSBC is offering Premier clients access to a wide range of health and wellness services through its partnership with Aspire. 

These include a complimentary membership to a third-party health and wellness platform with 24/7 telemedicine, giving clients access to board-certified doctors by phone or video for urgent, primary and mental health care needs. Clients can also benefit from discounts on wellness services, such as massage, acupuncture, fitness, nutrition and self-care sessions, along with concierge coordination, follow-ups and reminders.

“Our Premier clients lead active, globally mobile lives, and their financial planning needs are just as dynamic,” says Oden. “They want advisors who understand the full picture, so it’s vital that we support them holistically. By introducing these health and wellness services, we’re providing curated access to care and support so our clients can focus on living their healthiest lives, wherever they are.”

The concierge can help find and book a yoga class, meditation session or weekend spa escape, but the services extend beyond that. For example, the concierge can also help ease the responsibilities of caring for a loved one, from securing discounts on items like glasses and wheelchairs to identifying senior living options and home care services. 

With HSBC’s new Premier health and wellness services, “we’re showing clients that we’re going to be there and give them access to providers to support them in their health journey,” says Oden.

“Health is wealth” captures an essential truth: well-being is a powerful asset, one that supports earning power, protects cognitive function, and helps people make the most of the wealth they build.