The rich kids will be trained in financial knowledge, electronic money, etc. to prepare to inherit a huge fortune in the future.
Private banks often organize exclusive events (called boot camps) for the children of wealthy customers to keep these rich kids once they inherit the property.
In recent years, boot camp for rich kids has been interrupted due to Covid-19. Now as countries step up their borders, boot camps are starting to make a comeback.
In the heart of Singapore’s five-star Ritz-Carlton hotel, 12 young men in gray hoodies are sipping tea.
At first glance they look like regular college students, that’s until you realize 12 people are wearing Balenciaga sneakers or a $4,000 Christian Dior briefcase (~ VND 95 million).
These 12 rich kids are participating in a week-long boot camp organized by the Central Bank of Singapore. They will take classes on cryptocurrencies and other financial literacy.
Trillions of dollars of Asian millionaires and billionaires will be passed on to their children. Therefore, banks need to approach the heirs soon so that they can continue to use the service in the future.
Benjamin Hort, a 19-year-old from the Czech Republic who attended the Singapore Central Bank meeting said:
“I am willing to fly around the world to be here in person. If I study online, I will just turn off the cam and go to sleep.”
According to the Bloomberg Billionaires Index, 72 of the 141 richest people in Asia are over 60 years old and have a net worth of $1.1 trillion.
For banks, it is important to acquire customers while they are young. The wealthiest families will often have a close relationship with a certain private bank.
Not only the “Entrepreneur Training Program” of the Central Bank of Singapore, other banks are also not outside the game.
Citi Private Bank is starting to organize group dinners for rich kids in important cities around the world. Meanwhile, Lombard Odier bank is planning to hold its first rich kid meeting in Singapore in the next few months.
According to Bloomberg, boot camps changed their concept significantly after the pandemic. During the 2019 event, the Bank of Singapore has cocktail and gala events. While in 2022, rich kids will only eat simple boxed meals and mainly spend time building relationships with each other.
In addition, the rich kid is also encouraged by the Bank of Singapore to have private outings that are not scheduled in advance. A wealthy heiress living in Singapore invited her classmates to the cafe she owned to test out an Asian business model.
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