Enye Hypersonic September 26, 2012 Share September 26, 2012 It's tough to be rich in Singapore. For the ladies, a pair of classic Louboutin pumps costs US$2,714 here, compared with only US$1,005 in Hong Kong. A Chanel bag comes at US$5,781 versus US$4,921 and a Tiffany 2 carat diamond ring sets you back US$159,910 against US$116,452. For the men, a gold Rolex Oyster costs US$33,341 in Singapore against US$32,207 in Hong Kong and a Cohiba cigar, at US$1,375, is three times as expensive here. And this is before one even touches on high-end property, whose prices have shot through the roof this year. But if it is any consolation, a wedding banquet for 500 at a top Hong Kong hotel would cost US$121,100 against US$67,482 in Singapore while memberships to classy golf clubs also cost almost 50 per cent more there. A Julius Baer Lifestyle index released yesterday has found that the rich in Singapore suffered the highest inflation rate of 13.7 per cent to maintain their lifestyle against their friends in Hong Kong (10.8 per cent), Shanghai (8.8 per cent) and Mumbai (2.6 per cent). This is despite the fact that the Singapore dollar has strengthened more than 5 per cent against the greenback this year. The index, in its second year, comprises 20 items, capturing both goods and services in US dollars, in Mumbai, Shanghai, Hong Kong and Singapore. "Naturally, the selection of items covered in the Julius Baer Lifestyle Index is subject to individual taste. However, the goods and services chosen for the index should better reflect the lifestyle choices and consumption patterns of high net worth individuals than the more traditional consumer price indices available," said Julius Baer. For 2012, the average Julius Baer Lifestyle Index across the four cities rose 8.8 per cent, down from last year's 11.7 per cent. This rate of increase was well above regional, traditional consumer price indices of about 6 per cent, the private bank said. "Singapore was home to the highest price hikes in US dollar terms, followed by Shanghai, Hong Kong and lastly Mumbai. Across the region, the prices of high-end wine, wedding banquets, handbags and business-class air travel underwent the largest increases," it noted. Julius Baer spokeswoman Lim Li Koon said the increase for Singapore is mainly due to the property score, which jumped 35 per cent. Homes of the ultra rich in US dollar terms went from US$9.7 million to US$13 million, she said. Many other items actually saw no change or even slight declines. Jewellery, shoes and handbags, for example, did not change in price at all. Wedding banquets went up 10 per cent, but this happened in most of the cities. Cars also went up another 5 per cent. The Singapore story is skewed heavily by massive property price movement, she added. Stefan Hofer, Julius Baer emerging markets strategist, said driving the index was property and prices of luxury articles which have pricing power compared to services. "For example, watches have been able to increase their prices relative to service providers like lawyers and hospitals," he said. It's still no comfort to the ladies should they suffer the indignity of a fall from their 8-inch heels, as a night in a posh Singapore hospital at US$756 far exceeds Hong Kong's US$464. And if you want to make sure your spouse does not fritter the hard earned cash away, a family lawyer costs US$660 per hour here, almost double that in Hong Kong. One consolation is that a facelift in Singapore at US$2,559 is far cheaper than the other cities. Ditto root canal treatment. So how do the rich cope with the almost 14 per cent inflation? According to David Lim, chief executive of Julius Baer Singapore, they remain conservative in their investments, spending only a fraction of their wealth to maintain their lifestyle. "They're not expecting a 14 per cent return, not becoming more aggressive in their investment approach," he said. They are concerned about inflation and their higher living expenses. "There's a lot of activity going into income and dividend stocks," he added. ↡ Advertisement Link to post Share on other sites More sharing options...
Rncw 5th Gear September 26, 2012 Share September 26, 2012 the rich dun care about inflation one....elsewhere more expensive???they can always fly to those cheaper places.... Link to post Share on other sites More sharing options...
Jman888 Moderator September 26, 2012 Share September 26, 2012 this show that singapore rich is 2X richer than HK [laugh] Link to post Share on other sites More sharing options...
Enye Hypersonic September 26, 2012 Author Share September 26, 2012 it is all relative lah how to show you are richer than other countries' rich? pay more got more bragging rights Link to post Share on other sites More sharing options...
Civic6228 6th Gear September 26, 2012 Share September 26, 2012 Please lah .... if someone is so rich .... they would not be bothered by such small money lah. Can afford to buy those "Stuff" .... money should be no issue .... Personally. I dislike the super rich but super "ngeow" .. Link to post Share on other sites More sharing options...
TVT Supercharged September 26, 2012 Share September 26, 2012 How can the rich be pitiful? Thou they pay more, but they still have plenty more $$ to spend and never need to worry about daily expenses or long term budgeting. If the rich really are pitiful, then how do you describe the poor? Link to post Share on other sites More sharing options...
Tianmo Hypersonic September 26, 2012 Share September 26, 2012 by page 2...........this will turn political........... [laugh] Link to post Share on other sites More sharing options...
Watwheels Supersonic September 26, 2012 Share September 26, 2012 Peanuts lah. Ppl who wanna get rich offer to give BJ to secure contracts. Who more pitiful? Link to post Share on other sites More sharing options...
LoverofCar 6th Gear September 26, 2012 Share September 26, 2012 if they care about the price differences...they are not the real rich... Link to post Share on other sites More sharing options...
Gaolow 4th Gear September 26, 2012 Share September 26, 2012 Please lah .... if someone is so rich .... they would not be bothered by such small money lah. Can afford to buy those "Stuff" .... money should be no issue .... Personally. I dislike the super rich but super "ngeow" .. rich..they still look for cheaper option and yes..most rich are very ngeow... Link to post Share on other sites More sharing options...
TVT Supercharged September 26, 2012 Share September 26, 2012 if they care about the price differences...they are not the real rich... Wrong, they are indeed rich, but stingy and calculative, up to the very last cent! Link to post Share on other sites More sharing options...
Caravan 5th Gear September 26, 2012 Share September 26, 2012 More excuses for overseas shopping trips. What's so pitiful? Link to post Share on other sites More sharing options...
Felipe 3rd Gear September 26, 2012 Share September 26, 2012 this shows it's tough to be middle class, not rich. Rich can afford anything. Such price creates the wealth divide. It's still awesome to be rich here cos you're ahead of the rest, by a mile. Link to post Share on other sites More sharing options...
Ender Hypersonic September 26, 2012 Share September 26, 2012 So is there any safety net for the rich in singapore? I'm very angry when I see this., Link to post Share on other sites More sharing options...
Felipe 3rd Gear September 26, 2012 Share September 26, 2012 More excuses for overseas shopping trips. What's so pitiful? i don't travel a lot but when i went Europe a few years ago and North America, i freaked out when i found out how much cheaper there things are. Worse, i also found out some things in KL cheaper too! I bought an Oakley in KL, cheaper than here. AX also...maybe not all items though. Link to post Share on other sites More sharing options...
Civic6228 6th Gear September 26, 2012 Share September 26, 2012 rich..they still look for cheaper option and yes..most rich are very ngeow... I guess it is down to the "true" rich and the pretenders .... and rich with class and no class ... there are many different people sround us ... like the saying goes ..... one type of rice .... feed hundreds different type of people ... Link to post Share on other sites More sharing options...
Maxus-MIFA9 Supersonic September 26, 2012 Share September 26, 2012 How can the rich be pitiful? Thou they pay more, but they still have plenty more $$ to spend and never need to worry about daily expenses or long term budgeting. If the rich really are pitiful, then how do you describe the poor? under-achiver ... Link to post Share on other sites More sharing options...
Vid Hypersonic September 26, 2012 Share September 26, 2012 Fly business class from Singapore to HK only $2k. ↡ Advertisement Link to post Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In NowRelated Discussions
Related Discussions
SIM Only Mobile Plans Discussion
SIM Only Mobile Plans Discussion
Singapore tourist causes fatal crash in New Zealand
Singapore tourist causes fatal crash in New Zealand
National Service in Singapore
National Service in Singapore
Crazy weather in Singapore ?
Crazy weather in Singapore ?
Singapore Property Scene Discussion
Singapore Property Scene Discussion
Marathons in Singapore
Marathons in Singapore
The BMW G87 M2 is here
The BMW G87 M2 is here
COVID-19: Living with COVID (Endemic & Opening Up)
COVID-19: Living with COVID (Endemic & Opening Up)