Travel is one of the many ways that America’s ultra-wealthy indulge themselves, but it’s not all private islands, exclusive estates or out-of-the-way villas.
Travel is one of the many ways that America’s ultra-wealthy indulge themselves, but it’s not all private islands, exclusive estates or out-of-the-way villas. They are more likely to be visiting family and friends, according to a new wealth level study conducted by Spectrem’s Millionaire Corner of households with a net worth of at least $25 million.
Over the past 12 months, 60 percent of ultra-wealthy households spent at least $10,000 on their vacations, the study found. The highest percentage of these respondents (71 percent) said that when they travel, it is to visit family and friends, while 59 percent embark on an educational/historical excursion.
Safari, so good, say 56 percent of $25 Million Plus travelers, while 51 percent are more on board with a cruise. Roughly two-thirds (65 percent) of Affluent households report having taken a cruise, Millionaire Corner research finds.
One-third of ultra-wealthy travelers make an adventure out of their travels while 28 percent travel for humanitarian or charitable causes.
Age, not surprisingly, is a factor in how the ultra-wealthy choose to travel. The highest percentage of those traveling to visit family and friends (79 percent) are Baby Boomers ages 55-65. They are also most likely to take an educational or historical trip (73 percent), take an exotic vacation (66 percent) and travel for a humanitarian or charitable cause (46 percent).
The youngest respondents are slightly more likely to opt for a cruise (53 percent) or a more adventurous trip, such a mountain climbing.
Across the wealth levels of the $25 Million Plus household, those with a net worth between $50 million and $12,9 million are the most likely of their demographic counterparts to engage in these various travel activities. Eight-in-ten report their preferred travel destination is to visit family and friends, while seven-in-ten are most likely to book an exotic vacation or educational/historical trip.
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.