Singapore's millionaires chase longevity and wellbeing as latest must-haves
SINGAPORE – You can't take your money with you, but wealthy folk here and elsewhere are splashing out big bucks on lavish wellness and lifestyle services to ensure they make the most of their years on earth.
Living longer has become the latest pursuit of the rich as they rethink what it means to live well while planning for the future, noted a new report.
It found that rising geopolitical tensions and economic uncertainty have prompted the well-off to reassess their lives and try to balance present-day enjoyment with preparation for the future.
The report from Swiss bank Julius Baer that studied the lives and consumption trends of millionaires in 15 countries noted a near-universal preoccupation with financial wellbeing and physical health.
Around 60 per cent of the rich in Asia Pacific said their discretionary health spending had risen over the past year compared with 40 per cent or so in Europe and North America.
'Health really is wealth, and investments in healthcare are seen as the latest must-haves,' the report said.
Healthcare and wellness are the 'new luxury' in Asia Pacific, where 63 per cent said they were concerned about their health and wellbeing.
One striking finding noted that 87 per cent of respondents in North America and a full 100 per cent in the Asia-Pacific region are taking steps to extend their lifespan.
Actions range from adopting traditional healthier lifestyles like regular exercise and good diet to exploring cutting-edge interventions such as gene therapy and cryogenic treatments.
Gene therapy aims to treat or prevent disease by modifying a person's genes, while cryogenic treatments involve applying extreme cold to preserve biological materials or treat certain conditions.
Living longer is just one side of this coin; living better comes into it as well, with lifestyle expenses in Asia Pacific outpacing most regions, notably in high-end women's clothes, five-star hotels and fine dining.
The region also saw a marked increase in leisure trips compared to business travel.
Julius Baer said the post-pandemic business travel boom has slowed as working patterns settle into a hybrid model.
It is also witnessing 'a demographic group that is fully embracing life and new experiences again after the Covid-19 and subsequent crises'.
Faced with potentially longer lives, most millionaires here and in Asia Pacific are willing to adjust wealth strategies, rebalance portfolios and re-evaluate retirement goals. They are also more open to creating a long-term care plan.
Globally, wealth creation remains the top objective.
'Our research shows that 70 per cent of high-net-worth individuals in our survey reported increased assets in the past 12 months. They are once again looking to build on their recent increases,' the report said.
Wealth preservation has gained ground, particularly in North America and Europe, where a more conservative approach to investment now prevails, reflecting increased risk aversion amid global uncertainty.
By contrast, respondents in the Asia-Pacific, Middle East and Latin America are open to more risk, embracing higher-risk strategies and diversifying their portfolios to align with personal values and emerging global trends.
Equities remain the preferred asset class in Asia Pacific, followed by real estate and cash.
A separate study by Manulife Singapore and Forbes Insights revealed that wealth is no guarantee of peace of mind when it comes to ageing and long-term health.
While most of the high-net-worth individuals in Singapore agreed that 'nothing is more important than health', fewer than half are confident they will remain healthy and active after retirement.
'For our customers, wealth is no longer the goal in itself – it's the means to protect the lifestyle, health and choices they've worked so hard to build,' said Mr Mark Czajkowski, chief marketing officer at Manulife Singapore.
Many are uncertain about their financial readiness for health-related challenges. Those acting to live longer and better are turning to technologies such as wearables as well as diet and exercise, consulting health experts and employing state-of-the-art insurance solutions.
An openness to experimental wellness practices like intermittent fasting, cryotherapy and sleep optimisation have also emerged, reflecting an evolving approach to healthy ageing, the study said.
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