The great Singapore wealth transfer

THOSE of us who watched the Crazy Rich Asians movie may recall scenes of wanton spending such as Chijmes being transformed into a wedding runway with water features and flowers, and a cargo ship with containers converted into a private pool and dance floor.

While Kevin Kwan’s plot was dramatised for the big screen, it highlights a socio-economic force that will shape Singapore over the next 20 years.

I see it as a pack of Crazy Rich Young Singaporeans getting ready to run the Singapore Marathon – their momentum fuelled by the great wealth transfer from a million Baby Boomers (born between 1946 and 1964, who make up about one-third of Singapore’s population) to Millennials (born between 1981 and 1996) and Gen Zs (between 1997 and 2012).