Why Singapore tycoon believes wellness is next economic frontier

Chavalit Frederick Tsao’s family fortune dates back to the 1800s in China, but like the tributaries of the winding Yangtze River, along which his great-grandfather built a shipping and logistics empire, another branch of the business has caught the eye of the fourth-generation leader of the Tsao Pao Chee (TPC) group – wellness.

Tsao is one of the biggest proponents of the well-being economy, which prioritises human and environmental health over traditional economic growth by shifting business strategies to consider people and the planet alongside profit.

The 68-year-old told This Week in Asia that for him, the turning point was in 1993 when he began practising qigong and met a Taoist doctor in Hong Kong.

Tsao said he was blown away by the realisation the practice gave him; that his reality was rooted in his inner consciousness, and having an enhanced inner well-being could positively affect the outer world around him.

He argued that if the world continued in its current capitalistic ways, there would be no future, especially in light of climate change, technological advancements and wars. Therefore, there was a need for businesses to be more purpose-driven.