5 Experiences the Super-Rich Are Buying Instead of Yachts
Written by
Cara Danielle Brown
Edited by
Amber Barkley
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In 2022, Moody’s chief economist, Mark Zandi, told The Street that the spending habits of the ultra-rich seemed to be shifting away from material possessions and moving much more heavily toward that of memorable experiences.
But the rich aren’t exactly spending less; they’re just spending differently. So which experiences, specifically, have the super-rich been buying instead of yachts and Birkin bags? GOBankingRates spoke with experts to find out.
Also, find out how the super rich will be spending and investing their money this year.
Celebrity Guest Appearances at Private Events
As Jon Ekoniak, managing partner at Bordeaux Wealth Advisors, explained, “The speaking circuit and guest appearance market was dominated by large corporations for decades.”
These corporations would hire everyone from politicians to sports stars in order to attract more people to company conferences. Because the model was such a hit, the ultra-wealthy obviously wanted in and began “hiring these same celebrities for their personal events, not to attract more attendees but to be able to share some amazing talent with their friends — and perhaps earn some bragging rights,” Ekoniak added.
These days, it’s not uncommon for the super-rich to pay for Rihanna to perform at their wedding, Ben Bernake to speak at their country club or Tom Brady to coach their son’s football team.
Extreme Travel
When it comes to the wealthy, “they invest in events that define them,” said Georgi Todorov, founder at Create & Grow. “Custom trips to Antarctica or underwater dives to the Titanic provide a degree of uniqueness not found in any luxury commodity. Some sponsor personal documentaries using elite filmmakers to capture their exploits in a cinematic masterpiece.”
Have a passion for astronomy? Why go to the planetarium when you can travel to outer space? With Colitco reporting a $28 million ticket price for a seat on Jeff Bezos’ Blue Origin New Shepard rocket, “space tourism” is just one area that has become a playground for the uber rich.
Luxury Wellness Retreats
Offering a combination of luxury, privacy and personalized service, wellness retreats are a popular way to detox and unwind for the uber rich. So what can one of the these cost? Celebrity hot-spot Miraval runs anywhere from $400 for a day pass to $18,473 per person for a three-night stay as part of their Villa Gran Paz package.
Additionally, “many value lifespan and book private wellness resorts using modern medical technologies,” said Todorov.
Some wellness clinics have biohacking on the menu. Thailand’s Chiva-Som offers genomic testing to create customized plans tailored to wellness and longevity — the latter of which assesses the risk of chronic diseases and offers suggestions for early intervention. Chiva-Som costs up to $5,400 per night — not exactly a Best Western.
Personal Access
The ultra-rich “spend on access, whether that means private meals with international leaders or first-hand views of the Louvre,” Todorov said.
For them, wealth is not only about having unique experiences, but having cool stories to tell about those experiences. The combination of luxury and social capital is a winning one.
In that vein, events with restricted-attendees lists are magnets for the super-rich, explained Michael Spector, CEO and wealth advisor at Adero Partners. “From an exclusive black tie sold-by-the-table fight night to an invite-only event like Onalinda … to red carpet parties in Los Angeles, New York City and Miami,” access represents status.
Making Memories With Family
Some super-rich families prioritize slowing down and being around the ones they love by planning annual, all-expense paid getaways that everyone can pencil into their busy schedules and look forward to all year.
“This is about bringing people together and providing an excuse every year for the family to share time together,” said Ekoniak. “It could be an annual trip to the Hamptons, the recurring stay on Kauia or a new beach destination every year, from Bora Bora to the Canary Islands.”
Spector added that many of these highly-curated trips are likely to include private chefs, private jets and black car service.
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