What Do Rich Singaporeans Spend Their Money On?
Ever wondered what the 1% spend their cash on? We reveal all.
Just a short drive around Singapore will show you how very wealthy this Little Red Dot really is. From the mansions on Nassim Road to the fact that Singapore has more billionaires per square capita than anywhere else in the world just shows how very well Singapore's elite are doing.
So if you have ever wondered what those lucky 1% choose to spend their money on, we have something for you. Thanks to a new report by The Household Expenditure Survey, we reveal all, right here.
When you have all the money in the world, you can go to any hotel in any county you like so how do you top that? Quite simply, with what you choose to do there. The study reveals that households in the top percentile spend an average of 7.5% of their monthly budget on experiences such as travel experiences and concerts etc. This is in line with findings last year from Mastercard that the ultra-rich are seeking out more and more rare and unique experiences as part of their travel packages.
For years now, ultra high net worth Singaporeans have been sending their kids overseas for school and the study shows that this trend is still in full swing with the group allowing 1.4% of their monthly budget to overseas education, versus 0.4% of the middle classes.
Yes we have touched on travel but that's more in a what you do once you're there finding. The Household Expenditure Survey also found that this group spends more on actual travel, which doesn't come as much of a surprise, with high earners spending 1.59% of their monthly budget on travel versus 0.7% of their counterparts. The study also found that this groups plans were more focused in travelling out of the ASEAN area.
It's all very well being wealthy, but you have also got to look the part too, which is why the top percentile of Singaporeans spend their money on keeping up appearances. This includes domestic helpers, beauty treatments and clothing. This was also, interestingly, the only group to have car repair in their budget.
The study found that the top 20% spend a whopping five times more on the likes of watches and jewellery, almost $624 on average per year. What was particularly interesting however, was the fact that the 91st to the 100th income percentile actually spends less on these items than the 81st to 90th percentile. This might initially surprise you but thanks to a recent study of high net-worth Singaporeans, it was found that purchases and activities that promote personal goals such as philanthropy are gaining much more interest.
Not only did the study find that the top earners spend more on food, but that they choose to eat different foods than others. For example, while they spent more on wine, they spent less on vegetables and while they spent less on meat, they spent more on dairy products.
When you look at the eye-watering price of cars in Singapore, it's easy to see why this tops the list as one of the things that takes up a chunk of the high-net worth Singaporean's budget. Coming in at 15.6% compared to 8.3% of the 1-20% percentile counterparts, it explains why car repair is also in the budget too.