When the ultra-wealthy take it easy, where do they take it?
The greatest percentage take it on the road, according to a new Millionaire Corner wealth level study of households with a net worth of at least $25 million. Of the varied activities that received more than a 5 percent vote, travel was cited by 17 percent as the favorite leisure activity. Par for the course, golf was cited by 11 percent. Six percent prefer to luxuriate in a book or other reading material.
Travel is the preferred leisure activity of the youngest ultra-wealthy households (under 55-years-old), while seniors older than 65, not surprisingly are the most likely to opt for golf and reading. It is also no surprise that the wealthiest households (with a net worth of at least $125 million) are the most likely to travel.
When it comes to travel or vacations, most roads lead to family and friends. That’s the preferred destination for three-quarters of these ultra-wealthy travelers. Nearly two-thirds (65 percent) opt for self-improvement with educational or historical travel. Fifty-nine percent prefer exotic travel options such as a safari, while 57 prefer a cruise.
More adventurous outings, such as mountain climbing are popular with just about one-third (32 percent). However, the youngest ultra-wealthy households are more gung-ho, with 44 percent of those under 55 saying this is their preferred travel activity. The eldest baby boomers (ages 56-65) are the most likely to indulge in educational and historical outings as well as exotic travel.
Cruises have enjoyed the biggest increase in popularity amongst ultra-wealthy travelers since 2010, when we last studied this wealth group. Two years ago, just about half said that cruises was their preferred vacation. The increase in interest in cruises comes at the expense of the other surveyed travel categories, which each posted slight declines from two years ago.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.