Wealth Over the Edge: Singapore

WSJ.MONEY
March 7, 2013

Wealth Over the Edge: Singapore
$26,000 cocktails. Traffic jams freckled with Ferraris. The world’s sternest city is now the richest. Why?
By SHIBANI MAHTANI

It’s midnight on a Saturday night at the Marina Bay Sands resort near the sparkling Singapore River, and all the boutiques are shut. But past a cosmetic-surgery clinic and a Ferrari accessories store close by, a large crowd is getting increasingly agitated. Dozens of hopefuls are clamoring to get in to what is billed as the world’s most expensive club, Pangaea.

When most people think of Singapore, an order-obsessed Asian version of Wall Street comes to mind. But lately, Singapore has become a haven for the ultra-rich.

Tight-fitting Herve Leger bandage dresses are practically a uniform here, often paired with Christian Louboutin heels and Chanel 2.55 bags, as women try to befriend club goers who are lucky enough to get past the red-velvet barrier and bouncers. It is frequently the leggy models, part of the club’s core demographic, who succeed. Out-of-town visitors who negotiated their way onto the guest list weeks earlier are turned away, even after offering to pay more than $3,000 for a table. The nightclub is completely full.
Continue reading “Wealth Over the Edge: Singapore”