Oversea-Chinese Banking Corp (OCBC Bank) has promised its latest
credit card offering will cater to the rapid rise in demand for
luxury lifestyles among Asia-Pacific’s elite.

The invitation-only OCBC Elite World Card claims to offer
Singapore’s millionaires exceptional service and preferential
treatment. Benefits of the card include a 24-hour global concierge
and business travel bonuses.

“With rising affluence in this region, there is an opportunity
for a well-designed credit card programme catering for a group of
global consumers who are prepared to pay for hard to come by luxury
products and unique experiences,” said Alice Goh, OCBC’s head of
credit cards.

In the 2010 World Health Report, consulting firms Merrill Lynch
and Capgemini found that almost a third of the world’s richest live
in the Asia Pacific region.

The number of millionaires in Singapore alone has shot up by
over 30 percent, increasing to 81,000 in the last two years.

Young top earners and ‘baby boomers’ have been named by
OCBC as the two groups driving the demand for extravagent
lifestyles, accounting for 83 percent of all spending on luxury
goods.

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By GlobalData

OCBC’s Elite World Card guarentees business travel with any
airline of choice, including fare reductions of up to 50 percent
throughout the year.

Offer offers include front row seats at London and New York
fashion shows or spontaneous cruises on the Nile.