The way people spend their money is changing, thanks to a monumental shift in lifestyles across the globe that cuts across different classes. If magazine articles are any indication, it seems that the world is in a sort of quarter or mid-life crisis, as most people prefer to live a minimalist lifestyle, as they try to have a burning purpose. From sustainable and mindful living to ditching the nine-to-five for global travel, people are overturning their lives in exchange for the simple life.
Society’s ultra-rich is no different, and was, in fact, one of the early adopters of this trend. Dubbed as “inconspicuous consumption” by American academician and author Elizabeth Currid-Halkett, this phenomenon sees a seismic change of focus by the elite on luxury goods to intangibles. The only difference is that, compared to the general population, the rich have the privilege and money to transition into a less materialistic, but still, very comfortable life. Here’s what they’re currently swapping their Mercedes Benz and Hermes handbags for:
Smart and wise are long-term investments.
An investment in knowledge pays the best interest, according to Benjamin Franklin, and this rings true among today’s ultra-rich. Today’s elite are investing heavily in their kids’ education so that the latter will become more cultured, intellectual, sensible, and well-versed in world affairs. The rich believe that their kids shouldn’t miss out on things and experiences due to lack of education, which is why they’re spending on enrolling their children in language and specialty classes that will make them stand out and be accepted into social circles that they want to be a part of.
Health is wealth.
The wealthy are foregoing luxury handbags in place of pricey gym memberships and wellness retreats. For the rich, being physically sexy and fit, as well as having a sound mind, is much better than owning the latest high-end fashion bags or items. Of course, stuffing one’s pantry with organic and gluten-free food, juicing or enrolling in a spin or Pilates class in the new coolest location doesn’t come cheap. But according to Vogue, it’s a discreet and more acceptable way of displaying wealth than bragging about your new wheels.
Real estate is still in, but with a twist.
Rich people are still lapping up luxury properties, but are customizing them to suit their own liking. They want their properties to fit their personality and tailored to their needs with smart devices. In Singapore, luxury homes and condo sales made up a chunk of the sales. According to a report from Reuters, Singapore’s real estate market sales got a boost from foreign buyers, especially from Chinese investors. It remains to be seen whether buyers are redesigning or customizing these properties but who knows, they may follow their Western counterparts’ footsteps soon enough.
If you require assistance with estate management in Singapore, various financial services and asset management firms are available to cater to your needs. As Southeast Asia’s leading financial hub, Singapore is awash with top-notch financial consultancy firms that provide anything from real estate acquisition and management to estate management.
Times are indeed changing. Showing people how much wealth you own is no longer the norm; it may, in fact, become taboo.