Health and wellness are the new 'luxury must-haves' for the rich

Study finds discretionary health spending is on the rise amid economic uncertainty

- Angela Tan

You cannot take your money with you, so wealthy folk in Singapore and elsewhere are splashing out big sums 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, said 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, which studied the lives and consumption trends of millionaires in 15 countries, noted a near-universal preoccupation with financial well-being and physical health.

Around 60 per cent of the rich in the 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 the Asia-Pacific, where 63 per cent said they were concerned about their health and well-being.