THE WEALTH-X INSTITUTE PRESENTS UNIQUE INTELLIGENCE REVEALING HOW THE WORLD’S WEALTHIEST INDIVIDUALS PREFER TO SPEND THEIR TIME.
As time is of significant value for the world’s wealthiest individuals, one of the most important elements of research when engaging with this demographic is to understand leading UHNW interests, passions and hobbies.
In detailing the interests, passions and hobbies of a UHNW individual, Wealth-X aims to provide more insight into predilections that may or may not be related to aspects already known about a person. Together, these characteristics and pursuits may function as an explanation of what ‘makes someone tick.’
In the annual Wealth-X World Ultra Wealth Report we present a high level view of the most popular interests among UHNW individuals. The UHNW Interests, Passions and Hobbies Study takes a deeper look, comparing the rankings by region, age group, and gender and then examining the breakdown of subcategories in Art, Music, Sports, Animals, and Collectibles.Key findings from the UHNW Interests, Passions & Hobbies Study include:
- North American UHNW have the highest incidence for Philanthropy, Outdoors, Public Speaking, Writing, and Law
- Latin American UHNW are the highest for Aviation, Family, Engineering, Environment, and Economics
- European UHNW score the highest for Travel, Art, Music, Vehicles, Food, Science, Collectibles, and Languages
- Middle Eastern UHNW are the highest for Business, Finance, Education, Technology, Real Estate, Health and Wellness
- African UHNW are the highest for Politics, Vehicles, Reading, and Religion
- Oceanian UHNW score the highest in Sports, Boating, and Animals;
- Asian UHNW did not have any maximum values
- The interests with the greatest universality are that one would expect to transcend cultural differences: Business, Sports, Finance, Health and Wellness, Religion, and Writing
- The interest with the highest variance across regions was Outdoors, with extremes between North America and the Middle East
- Conversely, several IPH appeared within a region’s top 30 but not in the global ranking. Most noticeably – Luxury Lifestyle in the Middle East and Africa; Film in North America and Asia; Fashion in Europe; Media in the Middle East; and Agriculture in Oceania, Asia, and Africa
UHNW INTERESTS: METHODOLOGY
Hobbies and interests are sometimes made known by the individual, for example, in an interview. In many cases, however, we infer an interest in a particular pastime, activity, or leisure pursuit on an evidential basis. In the Wealth-X Dossier we may provide additional detail that gives more color to the individual’s level of interest, but for the purposes of this analysis, we treat the interest in a binary fashion. For free text descriptions of an interest, we extracted the subcategories and allocated them accordingly if possible, or labeled the interest as ‘general’ (e.g. ‘enjoys music’). Further, individuals may have multiple interests in the same main category.
The subdivisions of the Music category differentiate musical genres, instruments, and practitioners. Within Art, the broad periods and different art mediums were identified.
In the 2017 World Ultra Wealth Report, certain categories were excluded from the global Top 10 IPH table, namely: Business, Finance, Technology, Family, Real Estate, and Travel. These were regarded as more problematic categories which do not sit as comfortably under the label of an ‘interest.’ For completeness, they are included in this study.
ABOUT THE WEALTH-X INSTITUTE
The Wealth-X Institute is a non-revenue generating research arm of Wealth-X dedicated to the development of unique data and analysis related to global wealth. Leveraging the Wealth-X global database of dossiers on the wealthy, as well as secondary research on the issues that influence their investing, spending, and philanthropic preferences, The Wealth-X Institute provides original thought-leadership, expertise, and best practices across the financial services, luxury, not-for-profit and education sectors.
The global leader in wealth information and insight, Wealth-X partners with leading prestige brands to fuel strategic decision-making in sales, marketing and compliance. Wealth-X boasts the world’s most extensive collection of hand curated dossiers on the ultra wealthy and produces unparalleled high net worth market research. Founded in 2010, with more than 200 staff across North America, Europe and Asia, Wealth-X works with over 500 clients, globally.