The obsessive stereotypical (in this regrad) asians I know are frugal because they think about money WAY too much. Money is not a means (buying stuff) but an end. It seems like having money is the reason to save it (as opposed to saving it to buy stuff, useful stuff). It seems like the "higher" social status, the "show," is the goal. ie, "I'm rich," "I have a big house (but I pirate all my music and movies)," "I have a nice car (even though I never use a/c to save gas)."
It seems like they don't buy things they use, but rather things that say "I have money" to people around them. I'm just ranting off topic-ly. I'm asian and it bothers me. Okay done.