How are the traditional tendencies of billionaires changing with emerging wealth?

Jonny Dodge has the answers in a piece written for the Grit Daily News.

🚧 Age is no barrier to entry – the average age of a superyacht owner has dropped by ten years since the start of the coronavirus pandemic, with Web3 and cryptocurrency stimulating a significant emergence of younger HNW individuals. This has seen luxury companies open up to alternative payment methods in a bid to tap into this emerging wealth.

🏖️ The beach is the new boardroom – income is no longer tied to working in a set geographical location, with the world’s wealthiest living nomadic lifestyles. Holiday destinations are now second homes, with many opting for trips that last weeks rather than days and merge both business and pleasure.

⛰️ Experiences are everything – the ultimate buzz is no longer the ability to purchase houses, boats or Bombardier: instead, it’s money-no-object unique experiences that this new generation is after. Trips to space, breakfast at Everest Base Camp or the Seven Wonders of the World in one week: money is being spent on experiences that are bigger, better and previously unattainable.

💵 Convention is cast aside – the nomadic lifestyles and uncharted experiences are all part of a new sense of impermanence surrounding billionaire spending. This new generation, many of whom made their wealth decentralising traditional finance, are now decentralising traditional spending patterns with the way they live their lives.

A borderless lifestyle means luxury businesses need to offer borderless services and next-level products if they are to keep evolving in line with the changing face of wealth.

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