Vacation, home improvements and automobiles are where ultra-high-net-worth investors spent the most money in terms of discretionary spending over the past 12 months, according to a Spectrem study of wealthy investors – Asset Allocation, Product Ownership and Perception of Providers.
The study indicated that 48% of ultra-high-net-worth investors spent at least $10,000 on vacation or leisure travel. Eleven percent spent at least US$25,000 on getting away from it all.
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Thirty-nine percent of ultra-high-net-worth investors spent at least US$10,000 on home improvements in the past 12 months, and 12% spent at least US$25,000 on their abode. Thirty-two percent spent at least $10,000 on automobiles.
Twenty-seven percent of ultra-high-net-worth investors spent at least US$10,000 on charitable contributions. Twelve percent admit to spending at least US$10,000 on clothing.
In contrast, 90% of ultra-high-net-worth investors spent less than US$10,000 annually on household staff. And despite the perceptions of the "1%", 30% of the ultra-high-net-worth do not have any household staff.
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By GlobalDataWhen it comes to contributing, ultra-high-net-worth investors show more interest in charitable contributions than political ones. While 27% spent at least US$10,000 on charitable contributions, only 3% spent that much on political contributions.
Younger investors are more interested in jewelry purchases than older investors. Thirty-six percent of investors under the age of 45 spent at least US$10,000 on jewelry, and only 16% of investors between the ages of 45 and 54 did so. The percentage dropped to 12% among investors 55 to 64 and 4% among investors 65 and older.
Approximately half of all ultra-high-net-worth investors spend money on collectibles, but the age range is wide. Only 9% of investors 65 and older spent US$10,000 or more on collectibles, while one-quarter of investors aged under 45 spent at least US$10,000 and 9% spent at least US$25,000.
