China is listed at the #2 dynamic economy and it is common there.
Singapore is listed at #6 and it is common there. Singapore is also substantially richer than the US.
I can understand the appeal - no rentals to pay, way lower cost of living if the parents live in a non-metropolitan area, and - if you have kids - you have someone to take care of them during your meetings.
I don't think that is really true, at least for kids going to university. In fact, lots of kids virtually move out before they are even finished with high school because boarding schools are so much more common there. After they graduate from university, it is very very common for young adults to live in another city, visiting home maybe once or twice a year.