Anyone who's read Singapore-born Kevin Kwan's Crazy Rich Asian and China Rich Girlfriend (out now!) knows that beneath the veneer of Singapore' s hawker centres and public housing lies a big chunk of Asia's one percent.
And don't the global luxury brands know that.
This year alone we've seen two new expensive stores opening in the Little Red Dot. There's Finnish fashion retailer Marimekko at Capitol Piazza, and high-fashion label Alexander McQueen at Marina Bay Sands. McQueen is also set to open a second branch at Scotts Square soon.
There's also British men's tailor Gieves & Hawkes at Paragon and premium leather goods Delvaux and Spanish shoemaker Carmina, also at Capitol Piazza.
What does this all mean? Singapore is enjoying an increase in utra high net worth individuals — and will continue to.
"Property consultancy Knight Frank’s 2015 Wealth report showed that Singapore is slated to experience a 54 per cent growth in the number of UHNWIs, whom it defines as those with a net-worth of more than US$30 million (S$40 million), to 4,979 by 2024 from 3,227 last year," reports Today.
We'll be damned.
Done reading? Sit back, relax and watch Coconuts TV:
brightcove.createExperiences();
Anyone who's read Singapore-born Kevin Kwan's Crazy Rich Asian and China Rich Girlfriend (out now!) knows that beneath the veneer of Singapore' s hawker centres and public housing lies a big chunk of Asia's one percent.
And don't the global luxury brands know that.
This year alone we've seen two new expensive stores opening in the Little Red Dot. There's Finnish fashion retailer Marimekko at Capitol Piazza, and high-fashion label Alexander McQueen at Marina Bay Sands. McQueen is also set to open a second branch at Scotts Square soon.
There's also British men's tailor Gieves & Hawkes at Paragon and premium leather goods Delvaux and Spanish shoemaker Carmina, also at Capitol Piazza.
What does this all mean? Singapore is enjoying an increase in utra high net worth individuals — and will continue to.
"Property consultancy Knight Frank’s 2015 Wealth report showed that Singapore is slated to experience a 54 per cent growth in the number of UHNWIs, whom it defines as those with a net-worth of more than US$30 million (S$40 million), to 4,979 by 2024 from 3,227 last year," reports Today.
We'll be damned.
Done reading? Sit back, relax and watch Coconuts TV:
brightcove.createExperiences();