Tracking wellbeing and balancing the narrative about super-rich Asia

"EVERY day we're still discovering new high-net worth clients." So "lamented" a private banker in a news report about how Asia's burgeoning legion of millionaires has created a talent war for wealth managers in Hong Kong and Singapore that has pushed pay hikes to the highest in over a decade.

It's a "crazy market", the banker said. Somewhat less positive perhaps (for wealth managers, ie) is another market development around the region's ultra-rich : A growing number of Asia's family offices are starting investment funds that accept outside money - and going after the clients of hedge funds too.

Such news reports no doubt fuel the current buzz generated by Crazy Rich Asians - the top box-office hit in America over the past three weeks - one backed apparently by statistics that Asia is minting millionaires at the fastest pace worldwide (about 2,000 a day, according to Capgemini), or producing a billionaire every other day. But yes, while the Hollywood film showcases Singapore at its snazzy best - spectacular skylines, beautiful attractions and all - Americans and other foreigners who have actually stepped foot in the Lion City of course know there's quite another side to the city and life here. Even for a country that is undoubtedly one of Asia's most affluent, the flashily opulent lifestyles portrayed in the movie (not that it purported to) are far removed from everyday Singaporeans. Not just the average folks but the vast majority.