mimo
Pernicious Enabler
- Joined
- Aug 16, 2012
- Messages
- 7,725
- Reaction score
- 5,256
the Philippines is nowhere near the per capita GDP of Singapore and yet it has boutiques for JLC, Hublot - even Patek Philippe. I guess if there's a large enough sliver of the population willing to shell out that kind of dough for timepieces...
Singapore population: 5.3 million
Philippines population: 93 million
Forget the per capita GDP. Even a poor country has numerically more rich people in its elite, than a tiny country with a higher average income. Filipinos might be generally poorer than Singaporeans, but I guess there are still more rich Filipinos than rich Singaporeans: the top 1% of Filipinos are still twice as many as the top 10% of Singaporeans.
It sounds obvious now I say it, but it's interesting: if I were opening boutiques in Asia, I'd probably think of Singapore before Manila. But thanks to you, now I think about it, I believe that might be wrong.