Spending habits of the ultra-rich Chinese in Singapore

WHEN China announced a loosening of its tough Covid-19 restrictions in December, anticipation was high as to what the ultra-rich Chinese could be splurging on in Singapore. From retail therapy to property purchase, many were probably drooling as they worked Chinese spending into their numbers.

Of course, the big fish everyone wants to catch are the ultra-high-net-worth (UHNW) Chinese. But beyond the fact that they tend towards conspicuous consumption – as shown in a 2020 paper co-authored by Sing Tien Foo, provost’s chair professor of real estate at Business School, National University of Singapore – what else do we know about what they like, how they like it and what influences their choices?

An eye for style

For starters, these UHNW spenders – who sources say mostly come from the tech, hospitality, finance and construction industries – have very discerning and sophisticated tastes and know exactly what they want.