THE ECONOMIC expansion and political stability under President Aquino’s term means high net worth individuals (those with liquid investments of $1 million or more) will see their wealth double from $60 billion in 2010 to $121.6 billion by the end of the President’s term in 2016, Swiss private bank Julius Baer said.
Biz Buzz obtained the bank’s latest Asia Wealth Report, now on its fifth series, which also projected that the richest in the country would see their fortunes soar to almost $197 billion by 2020.
Not bad compared to many of our bank accounts here, though still pale in comparison to others in the region, like China’s richest, who will amass $8.25 trillion by 2020.
Manila, meanwhile, is a haven for certain bargain luxury goods, based on the Julius Baer Lifestyle index. That’s basically a basket of services and items that wealthy individuals buy, like jewelry, luxury cars, tailored clothing and high-end property. Think of the index like inflation—but only for the wealthy.
Apparently, even the moneyed set think about finding bargains and if it’s erasing years from your face or adding watts to your smile, Manila versus most other Asian cities is the place to go.
Botox treatments here cost about $153 versus the other end of the spectrum, Shanghai, where they cost $1,293. A dental implant here would set you back $1,120 versus $4,893 in Tokyo.
James Bond is a dapper fellow, and in Manila you can look like him for less. Baer said an Armani suit here is the most inexpensive at $1,256, well below the regional average and the top tier, which is Shanghai, at $3,878. Jewelry is also relatively inexpensive at about $32,475 against $523,136 on average in Bangkok.
There are things to avoid for the budget conscious millionaire or billionaire. High-end wine is the most expensive here at $3,405—best to head over to Seoul where you would “only” spend $1,685 for a comparable experience. The same goes for pianos and cars.
“People can live a life of luxury for less in the Philippines than many places in Asia except Mumbai and Jakarta,” Baer said.
Now, if only they would fix the traffic. Miguel R. Camus
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
