Wealthy habits and prefernce| SEAs

Wealthy in Hong Kong, South Korea Most Likely to Buy Flashy Car
By Robert Frank

Now that the wealth-management industry has discovered that Asia has a lot of rich people, a raft of studies have come out probing their customs, habits and preference for flashy cars.


Bloomberg News
A new report from Scorpio Partnership looks at the characteristics of rich people in various countries. Scorpio is careful to call its categories “archetypes,” rather than stereotypes. For the study, Scorpio surveyed 1,800 people with an average net worth of $1.5 million. Among their findings:

South Korea–Despite their high wealth levels, few rich South Koreans had specific wealth goals for the future. Those that did have a wealth goal set it at $5 million. Most South Koreans want flashy cars that convey status.

India–Wealthy Indians value status more than other Asians and are the most likely to want to be seen as leaders and innovators. They also are unique among Asians in their desire to become famous.

Hong Kong–The rich in Hong Kong are similar to South Koreans in their desire for a flashy set of wheels. And they like to be publicly identified with charity.

Singapore–Wealthy Singaporeans are the most worried about unemployment in Asia, and they like to keep a low-profile with their charity.

Indonesia–Rich Indonesians are more discreet, wanting good but not flashy cars and keeping quiet about their charitable giving. They are, however, very confident about their wealth targets, with 98% saying they expect to add to their wealth this year.

Are there are other characteristic that you think set the rich in each Asian country apart?