How the World’s Wealthiest People Travel

Summary

This script explores the extravagant lifestyles of the ultra-high net worth individuals, who constitute 0.0037% of the global population yet hold a third of the world's wealth. It delves into the 'Billionaire's Social Calendar,' detailing their exclusive events and travel habits. The rise of ultra-luxury travel, private aviation, and superyachts is discussed, highlighting the industry's challenges in meeting the growing demand for privacy and exclusivity. The narrative also touches on the trend toward bespoke travel and expedition yachts, reflecting the billionaires' quest for unique experiences and the constant evolution of their social and travel landscape.

Takeaways

• 💰 There are approximately 295,450 ultra-high net worth individuals with at least $30 million, holding about a third of global wealth.
• 🌐 These individuals have a global social network due to the scarcity of peers at the top of the income scale.
• 📅 The 'Billionaire’s Social Calendar' includes exclusive events like St Barts on New Year’s Eve, the Superbowl, and Art Basel Miami Beach.
• 🏖️ Ultra-wealthy individuals often feel obligated to participate in this social circuit to maintain their social standing.
• ✈️ Jeff Bezos' travel in January 2022 exemplifies the ultra-luxury travel lifestyle, with extensive use of private jets.
• 🛫 The ultra-luxury travel industry is growing, with more people traveling less frequently but spending more on premium experiences.
• 🏨 High-end hotels in New York City are experiencing record-high prices and occupancy rates, reflecting the booming market.
• 🚁 The number of private jet flights reached an all-time high in 2021, driven by on-demand charter business models.
• 🛳 The superyacht industry is growing, with owners seeking more exclusive and adventurous experiences, leading to the rise of expedition yachts.
• 🏰 Bespoke travel for the billionaire class is booming, with a focus on unique and unforgettable experiences.
• 🏡 The ultra-wealthy are increasingly seeking privacy, as reflected in the record sales of secluded luxury vacation homes.

Q & A

How many people globally are considered ultra-high net worth individuals?

There are roughly 295,450 people with at least $30 million in net worth.

What percentage of the world's wealth do ultra-high net worth individuals hold?

Ultra-high net worth individuals hold about a third, approximately $35 trillion, of the world’s wealth.

What is the significance of St Barts for ultra-high net worth individuals?

St Barts is a traditional New Year’s Eve spot for the wealthiest few and often marks the start of the year on the so-called 'Billionaire’s Social Calendar.'

What are some of the major events on the 'Billionaire’s Social Calendar'?

Some major events include the Superbowl, skiing in Aspen or St Moritz, the Masters Golf Tournament, Cannes Film Festival, Monaco Grand Prix, Henley Royal Rowing Regatta, Wimbledon, Venice Film Festival, Frieze London Art Fair, Melbourne Cup, and Art Basel Miami Beach.

Why do ultra-wealthy individuals feel obligated to join the circuit of events on the 'Billionaire’s Social Calendar'?

Ultra-wealthy individuals often express a feeling of obligation to join the circuit in order to maintain their social standing.

How did Jeff Bezos start his 2022 according to the script?

Jeff Bezos started his 2022 on a yacht off St Barts with his partner, Lauren Sanchez.

What is the total distance Bezos’ G650s jets flew across January as mentioned in the script?

Bezos’ G650s jets flew a total of 29,000 miles or 46,000 kilometers in January.

What are the two phenomena that are causing turmoil in the ultra-luxury travel industry?

The two phenomena are the increasing consolidation of wealth at the top and the trend of wealthy people traveling less frequently but spending more than ever.

How has the ultra-luxury hotel market in New York City been described in the script?

The ultra-luxury hotel market in New York City is described as booming, with all-time high prices and occupancy rates and new super-premium properties opening faster than ever.

What is the trend in private jet flights as per the script?

The trend shows an all-time record-high number of private jet flights—3.3 million globally in 2021, largely enabled by the on-demand charter business model.

What is the 'capacity crunch' in the ultra-luxury travel segment?

The 'capacity crunch' refers to the industry growth being outmatched by the growth in demand for the segment, leading to a situation where more people are willing to pay top dollar for exclusive experiences, but there aren't enough available.

Why are billionaires turning to private yachts?

Billionaires are turning to private yachts as they allow the ultra-rich to travel on their own terms, bringing the quality of accommodations they expect wherever they want to go, largely regardless of outside demand.

What is the significance of the yacht-carrying ships mentioned in the script?

Yacht-carrying ships connect the world’s yachting hotspots, especially important during the transatlantic migration in fall and spring, allowing yacht owners to transport their vessels to different locations for convenience.

What is the trend in superyacht refitting over the past five years?

The number of superyachts over 40 meters being refitted has nearly doubled, reflecting a growing trend towards the rise of the expedition yacht, capable of taking on more adventurous trips.

What are 'luxpeditions' and how do they cater to the ultra-wealthy?

'Luxpeditions' are individually curated experiences by companies like Brown and Hudson, offering one-of-a-kind adventures such as up-close gorilla safaris in Rwanda or luxurious overland treks to the South Pole, aiming to provide unforgettable experiences.

What is the appeal of secluded vacation homes for the ultra-wealthy?

Secluded vacation homes appeal to the ultra-wealthy as they offer privacy and the ability to disappear from the public eye, reflecting a trend towards traveling to be unseen, especially in response to the increasing visibility of the merely wealthy on social media.