How would you spend a billion dollars? That is the question often asked at dinner parties or to start a conversation. But how do the wealthy get the most out of their money, not in terms of profit or revenue, but in terms of experiences? Myria wants to help.
Myria defines itself as the app for the rich and famous, but what exactly does that mean?
It means connecting the world’s wealthy and providing them with experiences befitting their stature. In other words, providing the wealthy with a wealthy lifestyle.
Speaking to PBI, Rey Flemings, founder and CEO of Myria explains the idea and what Myria provides.
He says: “There were two moments that painted in my mind that we needed Myria.
“One was early in my career when I was working in a family office for major recording artists. The observation was that we had a number of globally significant recording artists and a number of wealthy families and I thought that it was interesting that our A-List celebrity clients had greater access than our rich clients, even if the rich client was much richer, their access was far lower. The observation that money cannot buy everything fascinated me.
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“The other thing is concierges just do not work. WealthX commissioned a study and found that two thirds of all ultra high net worth individuals are dissatisfied with their concierge services. The most interesting part of that report was that UHNWIs were dissatisfied even when their own family office was providing those services.
“Furthermore, we felt that business networking had reached a saturation point. We felt there was an opportunity to really focus on the social aspect.”
The social side of Myria
According to Flemings, people want to “engage on a fun basis”. 60% of the business is about the fun side of life such as sports events, complex travel experiences or entertainment, while 40% focuses on the serious side of life, such as estate management, security and staffing.
The fun side is where Myria stand out, setting up world class family holidays or meetings with a personal hero or through leader. It can even set up music or sports experiences that people have never had before. According to reports, Myria rented out the entire floor of a Las Vegas hotel for one client and their 400 guests.
Who would join Myria?
This attracts a certain kind of wealthy person. The average member spends more than $1m a year on their lifestyle and recreation, with the average net worth of members being $600m. Membership itself costs $30,000 per year per person.
Flemings adds: “Outside of financial qualifications, we are building a community. We host regular events to socialise our members and make sure they are a human that you would enjoy meeting. Is the person kind and affable? Would they make a great dinner guest? If this is not a person that you would enjoy having a conversation with, then that makes it hard for them to be a part of the community.”
It is not all about fun as there is a giving side to Myria.
“There is a caricature in the media. It is based on reality for some people, rich people that do not care and smoking $100 bills,” Flemings says
“We do not know those people. Those are certainly not our members. Our members are incredibly philanthropic. I suspect in 2024, you will see more of that.”
It is limiting members at the moment, but what is the ceiling? How many can join the Myria neighbourhood? There is a waitlist of around 1,000 people at the moment with around 120 joining by the end of 2023.
“1,000 by the end of 2024,” he explains. “25,000 in our first five years of operations.”
Flemings concludes: “We want to change what success looks like. We want to make it more than just a number beside your name.”