Wealthy investors spend their leisure time traveling and playing golf.
There is a reason companies like Cessna, Forbes, Rolex and Tiffany’s are sponsors of the year-long Professional Golf Association’s year-long tour of 37 events.
As much as golf wants to be a sport for all ages and incomes, it is very, very popular among the wealthiest Americans, and they are the ones who spend the most money playing the game and attending the events.
A Millionaire Corner study of investors with a net worth of at least $25 million not including primary residence showed that golf is the second most-popular leisure activity, falling behind travel. Seventeen percent chose travel as one of their favorite leisure activities and 11 percent chose golf.
Among older investors, golf was a more popular choice, with 15 percent of investors 66 years of age and older selecting the game as one of their favorite leisure activities.
Interestingly, when the study looked at investors based on wealth segments, the richest segment was the least interested in the game. Among investors with a net worth of over $125 million, only 5 percent participated in golf, while among those in the $50 million to $125 million category, 13 percent selected golf as a main leisure activity. The wealthiest segment preferred travel, with 22 percent of those with a net worth above $125 million selecting travel as a favored leisure activity.
Besides travel and golf, the only other leisure activity that got a statistically significant amount of interest was book reading, which was selected by 6 percent of the investors. Exercise was selected by 5 percent of investors.
Thirty-five percent of investors with a net worth between $25 million and $50 million spend between $10,000 and $25,000 a year on travel. Only 9 percent report spending as much as $100,000 a year annually on travel. Among investors with a net worth of $125 million or higher, 30 percent spend between $25,000 and $50,000 a year on travel.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.