Singapore Is All Set To Break Free Of The Crazy Rich Asians Cliché

The locals have questioned the government schemes that have enticed wealthy expats.

One of my favourite spots to walk through in Singapore is what my daughter calls the "red car house," situated on a corner in one of Singapore's wealthiest neighbourhoods. The majestic mansion has at least six red Ferraris and Lamborghinis parked outside. The house is famous in Singapore and is owned by a wealthy local businessman. It is so luxurious that it features a Crazy Rich Asians-inspired tour of the tiny island city-state based on the famous 2018 film.

The Hollywood hit was an invaluable marketing vehicle for Singapore and a gamble by its tourism board and film commission. Both threw their weight and an undisclosed sum behind the movie. The gamble paid off; after the film's release, Singapore experienced a record number of tourists and enjoyed a wave of global attention. Now, Singapore is trying to downplay the movie and the image that it presents. A reputation for high living and expensive business costs have become a sensitive topic for locals before the next general election. The city, one of Asia's leading financial centres, has been ranked the world's most expensive for one of the past 11 years by the annual Worldwide Cost of Living Survey from the Economist Intelligence Unit.

Singapore wants to convince locals and expats, "What does it cost to live in Singapore, the world's most expensive city? As per a recent article from one of the government agencies. This dismissed familiar tropes, including "over-the-top mansions in Crazy Rich Asians the infinity pool at Marina Bay Sands and costly cars". The government arguments are not all that is convincing; cost-saving advice includes not having to buy seasonal clothing because it is summer all year round. There are also promises of 45c cups of coffee and the ability to rent government housing as proof that the city is not necessarily as expensive as London or New York. For some, the city's extravagant image is still a bonus. Philip Choo, who was inspired by the book to launch cities first Crazy Rich Asians tour in 2014, says he is still enjoying high demand from customers, especially from the US. However, recent news stories have reinforced the cliches of foreigners living lavish lifestyles and pushing up costs for everyone else. In May, 35-year-old Chinese citizen Wang Yun. He was arrested in Singapore for allegedly running one of the world's largest cybercrime computer networks. As per the indictment, his possessions included a luxury apartment in the city's glitzy Orchard shopping district, a Ferrari F8 Spider and several Patek Philippe watches. The result is that more Singaporeans are questioning government schemes that have enticed the rich to live here; one example is the family office regime. More than 1400 single-family office funds now manage a family's wealth in the city-state compared with 50 in 2018.

Manu Bhaskaran, an economist and chief executive of Centennial Asia Advisors consultancy, told me that Singapore's rising costs resulted from government policy. The business model attracts foreign investors who bid up nets, wages, and other service costs. The family offices exemplify how much extra revenue they generate for the rest of us.

Perhaps aware of this sentiment, another government article has proclaimed that Singapore's high cost of living is limited to wealthy expatriates. It claimed city ranking calculations include "products such as brand name raincoats and foreign daily newspapers" not typically purchased by Singaporean households. Singaporeans need to be addressed. I wonder why they cherry-picked two items and said they are irrelevant to Singaporeans. Another observed that the difference might lie in the suggestion for expats because the average Singaporean is not supposed to aspire for the finer things in life.

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