Explosion of riches

Updated: 2014-05-12 08:12

By Karl Wilson in Sydney (China Daily)

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In recent years, spending in the region has increased on cars, boats, private jets, luxury goods and property, and investments with wealth managers have increased in Hong Kong and Singapore.

Frost & Sullivan's Kaul says "the exact luxury spending mix varies depending on the specific nationality in question."

"For example, according to one report, the Singaporean wealthy allocate about a quarter of their wealth in real estate compared to about a fifth for Hong Kong's wealthy," he says.

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In a report this week, Reuters said that marina developers in Southeast Asia are "racing to build berths to address the latest problem vexing Asia's rapidly growing ranks of ultra-rich: Insufficient parking lots for their superyachts".

The news agency reported that yacht sales in Asia currently account for 9 percent of the global market share, according to consultancy Wealth-X.

"While the number falls behind North America's 44 percent and Europe's 34 percent, industry experts expect sales to pick up rapidly within the next few years as the number of multi-millionaires in the region increases," the report said.

Reuters added that the shortage is most acute in Hong Kong and Singapore where space, whether on land or on water, is scarce and the number of multi-millionaires is among the highest in the world.

"Singapore's ONE15 Marina Club, where monthly berth rentals cost S$10,000 ($7,950) for a 40-meter boat, is currently at full capacity. Hong Kong's Discovery Bay Marina Club, where berth rentals start at S$6,000 for a similar sized yacht, is also full," Reuters added.

Last year the fine art auction house Christie's launched an advisory service, aimed primarily at China's superrich, who want to buy vineyards in the world's leading wine-producing nations.

Martin Roll, one of the region's leading brand specialists, believes luxury in Asia means "you have arrived."

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