What Is an
Ultra-High Net-Worth Individual (UHNWI)? Ultra-high-net-worth individuals (UHNWI) are people with investable assets of
at least $30 million. They comprise the wealthiest people in the world and control a tremendous amount of global wealth.
Any
Ultra High Net Worth Individual (UHNWI) here? Amazing job!
1. What do you do for fun?
2. How you get to where you are?
3. What are you doing to stay wealthy?
4. What is your splurge?
5. Do you own a jet? a yacht?
6. Do you have houses in different countries?
I am trying to visualize how UHNWI really lives? Thanks.
I'll entertain this question. I am (just in the HNW) category eking in at the 30m level net worth (now around 28m but it has been approx 36, at one point.
My allocation is:
-Assets in shares – 56%
-Assets in property – 30%
-Assets in cash –11%
-Assets in Gold/Bitcoin 3%
Total debt is is around 7% (being mortgages against some of my properties).
1. What do you do for fun?
Well, the first thing is I have the freedom to do whatever I want. But I actually enjoy the simple things in life. Start day with a beach walk with my dog, then meet up at a cafe for coffee. I eat super healthy. Swim daily in the sun. Evenings are often dinners at restaurants, and wine with friends. Wild partying, clubs etc perhaps once a month (I am slowing down now in my old age of 49
.
Travel whenever I want (usually once every three week). Usually stay at 5 star hotels, but don't spend on crazy penthouse rooms.
In terms of dining, I don't go crazy, but the great thing is whenever I want I can go wherever I want. I am still conscious of price. So if for example I see a good bottle of wine at a nice restaurant, but I consider it overpriced, I will struggle to feel comfortable about buying it.
Not into fancy designer clothes. Have a modest car (and not a fleet of sports cars, although I do at some point plan on buying something special). Rent a very live place (despite having numerous properties across 4 countries. Most of my properties are higher yielding upper-mid range, and I have one mansion (which is the most expensive and produces the lowest yield).
2. How you get to where you are?
Perhaps surprisingly, I did it the hard way. Grinding away at a processional job (admittedly high paying), and making good investment decisions. Buying property prior to boom periods with leverage. Buying great stocks (I'm a huge Buffet fan). And from a very young age saving (kind of the Rich Dad Poor Dad approach, which I read many years after I had pretty much already applied all the various themes in that book). I started with nothing and came from a modest family. I have deleveraged over time, and now have 7% debt (both due to paying off, taking gains on some assets to repay debt, and due to assets rising in value). My assets are all productive, and whilst values fluctuate, they are over time moving upwards. Overall, a very stable yield is produced.
3. What are you doing to stay wealthy?
Tax is a big issue. I live in jurisdictions that help me minimize the tax I pay. I stay well clear of get rich to good to be true schemes. I never lend money. I have a good bull-**** detector for investment proposals (and rarely invest in private ventures). I have every 6 months since 2004 calculated my net wealth, allocations, various financial metrics and then set myself both short term and long term goals. (Looking back at my records, my net worth in 2004 was 1.65m). I calculated at one point a relatively consistent growth rate annualized of around 25% each year (which included my investment returns, asset valuation growth, and professional income. This year I will am actually down and will likely not achieve another 25% growth. First break in this pattern in a long time.
I don't do any "day trading" be it with stock or my bitcoin. All are long term investments. With stock its very much a Buffet value investing style.
4. What is your splurge?
Good quality wine on a regular basis. High quality cocaine as a treat from time to time. Nice restaurant meals. I still fly economy but stay in high-end hotels. My main "splurges" seem to be new purchases of stakes in listed companies, which my friends laugh at as even that is productive. They tell me I need a proper hedonistic spending vice. I occasionally give to animal rescue organizations. Not much of a charity guy, and I don't like being invited to charity balls and being expect to donate. I would not rule out spending on kids who have a hard start in life if I can give them some meaningful pleasure or positively impact their future.
5. Do you own a jet? a yacht?
Nope. But I do travel occasionally on private jets of friends, and spend days occasionally on stunning yachts of wealthy friends (the cost of running is far too much for me but I am happy to enjoy the hospitality of other. Of course I contribute my share by bringing great wines along). The yacht owners are mostly true billionaires or in the 400m+ range.
6. Do you have houses in different countries?
Yes, although not for self use. Each country has been chosen primarily for its investment potential. I look for growth, legal system, absence of capital gains tax, stable income and quality tenants etc.
Hope that is of interest to others. Would be interested to hear from others in this position. I don't contribute much here, but an a lurker and read the forums from time to time. If there are questions to my I might answer but done expect a quick reply.
Cheers!
Always called it "thrifting." It's how I furnished my first apartment - that, and a lady who moved back with her parents after her husband left her, gave me some of her furniture. 
