Leading the way is philanthropy with 56 percent of the Super Rich saying that in their free time, they pursue philanthropic goals. One thing that should be warned that I have personally seen is UHNW philanthropy is about their interests, not yours. In fact, I have interviewed several executives who said when promoting corporate philanthropy initiatives, it elicited high spending UHNW to bounce back soliciting support of their own charities. Travel is second in popularity, and certainly with private jets on hand, it makes traveling to places near and far much more pleasurable.
While luxury brands flock to cultural events, only 12 percent of billionaires share that interest, and more interesting to me, is the combination of football, soccer, fishing and hunting draws interest from some 30 percent of the Super Rich. One travel agent who deals with Super Rich clients in Silicon Valley tells me the first thing she does is get the home schedule for the San Francisco 49ers so she can make sure her customers are there for the games. One other laggard is fine dining, with only 1 in 10 UHNWs having an interest in the category, behind other pursuits such as reading, golf, auto collecting, boating, wines and even politics.
I suspect the lack of interest in fine dining is probably related to the enormous travel, and interest UHNWs have in health and wellness. So yes, they eat at nice place, but they are not going out of their way to study up on them. While partnerships and sponsorships around these categories are all nice, they only resonate with a small fraction of this fragmented market.
What it means for marketers targeting UHNW, is that they need to focus on platforms that hit the widest number of this high-yield market with the least possible waste. In launching last year DG Amazing Experiences , my weekly CEO-style travel-focused e-newsletter for private jet owners, I have gained readership from investment bankers and auto dealers to distributors of carbonated beverage, citrus farmers, military defense contractors, entertainment honchos and manufacturers of everything from packaging to ships.
Each year in Cannes, leaders from the advertising industry gather to award each other and discuss how the role of advertising continues to evolve. Truthfully, there is not a lot of room in global advertising for luxury, except with the biggest players, as compared to the big consumers products companies, ad budgets of luxury marketers pale in comparison. After that, they are then battling against brands with bigger budgets, and the fact that what they are selling probably only appeals to a slice of the Ultra High Net Worth UHNW market. This skill requires technique, imagination, craftsmanship, and verbal poetry, he says.
The results are already proving successful. The result has made Ariel the fastest-growing laundry detergent brand in India, per Pritchard. As he walked the group through the history and stories about many of the products his company makes and sells, it was truly fascinating and engaging. This company, by the way, is very successful by every measure, however, the thing that was striking to me is that its advertising, at least what I have noticed, tells so little of these engaging stories, although they are well represented on its website.
Connecting emotionally with potential customers takes both the right media and the right mix of messages.
When this happens, price is less of an issue, and sales have a better chance of happening. These vagaries mean that there are different estimates for the population of UHNWs Ultra High Net Worth families , but they range from slightly over , to just over , based on the criteria. In categories such as jewelry, watches and travel this sliver accounts for 20 percent of more of percent all purchases.
I Am Rich - Wikipedia
When you think about the UHNW population and to put its small size into perspective, keep in mind that 1. Wyoming has , residents, and even Iceland has a population of , In other words, while there may not be lots of Super Rich, they are a critical part of the revenue mix for sellers of luxury goods and services.
Last December I launched a weekly travel and lifestyle e-newsletter for private jet owners and C-level executives of companies that operate private jets. In just over six months the readership has grown from 12, to over 20, As I was building up the database, I spent a lot of time focusing on what type of content my Super Rich readers wanted, and how they wanted it delivered.
While the above may or may not apply directly to your marketing efforts, I think that some of my experience underscores that when marketing to high-value UHNW customers, simply using the same formats and tactics you do with regular folks might fall short. Her mom Jane Gordon was a gossip columnist for the Sunday Mirror. You might be surprised, it often takes very keen reporting skills, as one is usually walking the fine line of legal actions.
Sometimes people get hurt. I give her credit for using her column to talk about her own depression and bring mental health issues to the forefront. Would it have been different in Ms. Entitled and very often in possession of more money than sense or taste , they live by different rules, on different planets, with different moral compasses. Wealth-X , which does a pretty good job researching the market, estimates there are about , households globally that qualify.
There is quite a bit of research about where their money comes from. Yes, some had connections to get a foothold into their profession as you did from your mother. I had entry from my father, for which I am grateful.
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But just to enlighten you, most surveys show about three-quarters or more of the Super Rich are self-made. From a book I co-authored in where we interviewed over private jet owners, close to 90 percent were self-made. Then again, the reason most had their private jets was a business tool, not to showoff to Architectural Digest. In fact, in terms of where they come from, you might be surprised that there are more Super Rich families from the American flyover state of Minnesota than Saudi Arabia, and the same for Wisconsin vs. Think mundane things like manufacturing all sorts of parts and devices, distribution of everything from oranges to medical devices, farming, auto dealerships, operating franchises of all types, making packaging, real estate development, and not just office towers, but communities for all types of folks.
There are lawyers, fund managers and global bankers for sure.
There are also local bankers, whose community banks operate throughout the South, West and Midwest in the US and are still a place small businesses can get a loan to start or expand. Yes, your column could have meant to be tongue in cheek.
And why it’s important for all of us to do that job, too
But join the ranks of the super rich? They spent a good part of their adult lives making if happen. I say kudos to them.
Like most of us, they are living below the radar, more than happy to spend time building their business and enjoying life with their friends and family privately, not showing off. In December I launched an e-newsletter for private jet owners focused on travel. To do so, I needed to build a database of owners, no easy task. But first let me clarify. When I say jet owners, it also includes C-Level executives at larger companies that operate multiple jets.
I additionally included helicopters. I also started a magazine in called Elite Traveler , which was distributed via private jet terminals, corporate flight departments, fleet operators and caterers. That said, this project included an enormous amount of granular research. In the case of privately held companies, it often meant reading newspaper articles from business journals about my subjects. In public companies that operate private jets, it meant reviewing Annual Reports and SEC Filings to assess how much compensation senior executives made.
My research confirmed findings that have been published by Wealth-X in that there is a lot of wealth beyond the traditional go to places of California, New York, Florida and Texas. It was interesting to find very wealthy individuals spread across all 50 states, including places like Iowa, Nebraska, Kentucky, Alabama and other places that might not readily come to mind.
My readership in fact includes all 50 U. While I certainly found lots of wealthy folks in banking, finance and insurance, the list of industries that spawned private jet owners was extensive, including farming, from pigs and cattle to apples and other fruit. And of course there was produce distribution, and then companies that make farm equipment.
In oil and gas, I found not only people who made a lot of money drilling and refining but also laying pipeline and manufacturing components of pipeline and other industries that support oil and gas. There are readers in media, sports ownership and entertainment as well as auto dealerships, auto racing, legal, pharmaceuticals, logistics, consulting, beauty, fashion, real estate, hospitality, mining, education, franchising, frozen foods, pasta, jelly beans, education, research, utilities and any and all sort of manufacturing you can think of.
If you are marketing luxury products and looking for Ultra High Net Worth consumers who can be regular customers, it is a good reminder that the typical stereotypes of the super rich are often misleading. So if your apartment, house, car, bank accounts, jewelry, comic book collection and whatever valuables you have add up to that amount, congratulations, you are in the One Percent.
However, if you are selling luxury goods here are a couple things to think about.www.roebieremote.nl/wp-includes/garvin/1299.php
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Credit Suisse says, the assets of the top One Percent are now greater than the remaining 99 percent, so clearly that means that the One Percent is in fact a good starting point in terms of targeting consumers who can afford what you are selling on an ongoing basis. If you are marketing in the U. Sellers of Swiss high-end watches may see a decline in sales after two middling years, according to a piece in The New York Times by Victoria Gomelsky.
She outlines how a perfect storm of declining oil prices are hitting the economies luxury consumers in Russia, the Middle East and Africa, while the crackdown on gift giving in China and the Apple watch are all conspiring to provide headwinds. With no silver bullet in sight, as China, Russia, Brazil and Nigeria provided in the booming period when the U. The most interesting point I found is what they read mainly revolved around two distinct areas: B2B Media for the industries where they make their money.
- Running Around Britain - The Lake District - Around Wordsworth’s Walks: An 8 mile circular route from Pelter Bridge visiting Loughrigg Tarn, Grasmere lake and Rydal Water.
- Get Rich Quick.
- You Can’t Get Rich Selling - Howard Love.
- Ash: Return of the Beast.
- Memoirs of a Hoyden.
- Things Rich People Never Waste Their Money On | Reader's Digest?
Yes, there were watch magazines in the mix. My research was for a travel project, and the other thing that surprised me was the general lack of knowledge about some major luxury hotel news which was the talk of the industry, but was not even on the radar of the Super Rich. I suppose they are busy running their businesses. Few, if any, have a separate media strategy to target consumers who make over one million dollars a year.