Members-only: Luxury’s gateway to the ultra-rich

A new private members’ club recently opened its door at the former premises of 1880 in Singapore, marking a new chapter in the drama surrounding the abrupt collapse of the once-glamorous 1880. The Nanson, occupying a newly refurbished space draped in forest-green velvet, began operations in early October and swiftly held a high-profile event attended by diplomats, business figures, and cultural luminaries — a month after luxury hospitality group Icon1c announced the acquisition of the 1880 brand and intellectual property. In June 2025, 1880 shut without warning after eight years of operation, entering provisional liquidation mere weeks after its Hong Kong branch collapsed — itself open for less than seven months. Behind the velvet curtain: 1880’s rise and fall In 2017, Canadian entrepreneur Marc Nicolson, inspired by SoHo House during his time in London, opened the 1880 club at Robertson Quay, an upscale riverfront neighborhood built on Singapore’s largest historical quay. The 2,044-sqm space, designed by Timothy Oulton, had everything tailored for cosmopolitan high-net-worth individuals (HNWIs), from fine dining and a spa to co-working and event areas. The standard one-off joining fee stood at 5,000 Singaporean dollars (around $3,853) and the monthly membership charge averaged 245 Singaporean dollars. The club was an instant success amid a cluster of fine eateries and art ateliers, quickly building a reputation among the city-state’s elite. Only a year into operation, it secured 3 million Singaporean dollars ($2.3 million) from RB Capital, a leading property development company, to fund its expansion into other Asian capitals. In late 2024, 1880 Hong Kong opened in a Swire-owned complex in Quarry Bay. But the ambitious venture — where silver trays gleamed against claret-red walls and burnished teakwood floors — lasted just seven months. The club reportedly accumulated HK$20 million ($2.6 million) in debt, with one member losing as much as HK$38,000. A month later, 1880 Singapore announced its permanent closure. Dwindling member attendance and spending were among the primary reasons for 1880’s collapse at both locations, according to Nicolson. The collapse of 1880 — including its unfinished Bali outpost — shocked members and industry observers alike. Nicolson’s candid admission of failure, unpaid staff left in limbo, and backlash from aggrieved members sent ripples across Asia’s luxury private club market, raising concerns about HNWIs’ migration patterns and shifting consumption habits. The expatriate exodus myth Beyond 1880’s high-profile failure, Asia's luxury hospitality industry faces headwinds. As a former British colony, Hong Kong has a longer and deeper history with private membership clubs than other Asian financial hubs. The Hong Kong Club, founded in 1846 by eight British merchants and officials as a networking hub for elite male members from politics, the military and business, was the territory’s first private members club. It heralded the arrival of dozens of similar institutions in subsequent decades — including the Hong Kong Cricket Club and the American Club — which traditionally served expatriate communities. Some of these century-old establishments, legacies of colonial prestige and power, have waned in recent years. One explanation is an exodus of expatriates in recent years, particularly since the pandemic, which has freed up memberships on the secondary market. Membership prices for Hong Kong’s most exclusive private clubs fell 20% in a single year, according to a 2024 Financial Times report. The number of multinationals holding membership rights has also declined as many scale back Hong Kong operations. In Singapore, the high-end hospitality sector faces similar pressure, with venues shuttering and restaurant revenues declining over the past year. Following the money: Asia’s real wealth story This downturn might suggest an exodus of the ultra-wealthy — but the data tells a different story. In 2024, Hong Kong’s estimated wealth per adult ranked highest in the Asia-Pacific region and third globally, trailing only Switzerland and the U.S. Total assets under management rose 13% during the same period, indicating significant net fund inflows. In the first half of 2025, the city’s ultra-high-net-worth population (individuals worth $30 million or more) surged 22.9%, according to a Dow Jones luxury real estate report. Hong Kong ranks first in Asia and fourth globally in the World Talent Ranking 2025, up from 2024, while Singapore ranks second in the region. Singapore’s high-net-worth population surged 62% over the past decade. For the estimated 15,200 millionaires leaving mainland China in 2024, Singapore is a top destination. Wealth continues to be created and is projected to grow in both financial hubs. Other Asian cities warrant attention as well. Despite slower growth in recent years, mainland China still has the world's second-largest ultra-high-net-worth population, concentrated primarily in megacities like Beijing and Shanghai. A thriving club scene Despite 1880’s retreat, numerous players have doubled down on the region, demonstrating confidence in the ultra-wealthy’s luxury spending power. Mandala Club, now Singapore’s most exclusive private enclave following 1880’s closure, has taken over an adjacent building to expand its floor space by 50% as part of a growth strategy backed by partner Icon1c. The club is also building a waterfront club-hotel in Bali. London-based 67 Pall Mall, a wine-centric club, is renovating a century-old French Renaissance-style building in Shanghai into its first mainland China outpost — one of four new clubs slated to open in 2026 and 2027 as part of its global expansion. Ultra-luxury hotel brand Aman plans to include a private membership club in its Singapore debut — the fourth “urban Aman” property globally. An initiation fee of $200,000 and annual dues of $15,000 make the Aman Club the most expensive private club in New York. Singapore’s club, slated to open in 2028, is poised to become a new magnet for the city-state’s high-net-worth individuals. These clubs have fortified and expanded their presence while adapting to shifting high-net-worth demographics and growing preferences for experiential luxury. Mandala Club regularly hosts Michelin-starred chef pop-ups and curated programming aimed at what CEO Ben Jones calls “value-sharing.” To engage newly arrived wealth, Mandala offers an under-30 membership and hosts sessions where unicorn startup founders and multinational executives share insights. Icon1c, the company behind Mandala and current owner of 1880, prioritizes luxury travel and wellness in its portfolio, aiming to deliver community-driven experiences. In Hong Kong, Carlyle & Co., a Rosewood club that connects members across 30 venues worldwide, is redefining the traditional members-only experience to appeal to a new generation of wealth. A wave of smaller, more accessible members-only networking venues is also emerging. The new social capital for luxury brands “Luxury experiences maintained faster-than-average growth as consumers continued to move their spending to travel and social events,” according to the latest Bain-Altagamma Luxury Goods Worldwide Market Study. In 2024, experiences posted the strongest growth at 5%, while luxury products declined 2%. As high-net-worth individuals turn from traditional consumption toward scarce ultra-luxury services, private clubs may become a new frontier for luxury brands to offer experiential exclusivity. The Economist’s ultra-luxury services index shows that scarce experiential consumption has surged 90% since 2019. Some fashion houses now view partnerships with private social clubs as an inevitable part of their ecosystem, complementing boutiques and private client programs. Harrods set an example by transforming The Residence, an invitation-only personal shopping concept in Shanghai, into its first private members club in 2023. Moët Hennessy, LVMH’s wines and spirits division, has partnered with Mandala Club to provide premium offerings for private events. For brands, especially those struggling with traditional marketing channels, these clubs offer ready-made networks of qualified high-net-worth individuals. For clubs, partnerships with luxury houses boost cultural prestige and attract new members. As the ultra-wealthy migrate and diversify, exclusivity increasingly hinges on experience rather than possession. In this new landscape, private members clubs could become fertile ground for luxury's next evolution.

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Members-only: Luxury’s gateway to the ultra-rich