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Old 11-17-2020, 10:10 PM   #21
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I think they'd be more likely to be at Bogleheads. Although if they're here, I doubt they would tell you.

I knew one. Fortune 500 CEO then started a cruise ship company. NW was apparently about $800M, but liked to drink Two Buck Chuck at dinner. Wife was one of the grouchiest people I've ever met, and the rest of the family wasn't a bargain either. But he was a great guy and very likeable. He's probably passed away by now as I knew him about 10 years ago and he was in his 90's then.
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Old 11-18-2020, 12:17 AM   #22
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Originally Posted by HawaiiShrimp View Post
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 think folks in the UHNW club would be too busy enjoying life or running up the score (even though they've already won the game) to find time to post here.

Unfortunately DW and I reside in the lower rung (merely VHNW) so I am not qualified to answer your questions. However, I think there's a real good chance that we can move up to the UHNW rung within the next decade if all goes well (and assuming the Covid vaccine doesn't misfire and turn everyone into zombies like in the movies), and if/when we do, I promise to come back here and answer your questions

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Old 11-18-2020, 12:40 AM   #23
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I think folks in the UHNW club would be too busy enjoying life or running up the score (even though they've already won the game) to find time to post here.

Unfortunately DW and I reside in the lower rung (merely VHNW) so I am not qualified to answer your questions. However, I think there's a real good chance that we can move up to the UHNW rung within the next decade if all goes well (and assuming the Covid vaccine doesn't misfire and turn everyone into zombies like in the movies), and if/when we do, I promise to come back here and answer your questions

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Thank you. I intend to reach UHNW in ten years (or less) too. Let's visit back to this thread. That's our motivation.
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Old 11-18-2020, 12:57 AM   #24
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Thank you. I intend to reach UHNW in ten years (or less) too. Let's visit back to this thread. That's our motivation.
Awesome. See you there!
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Old 11-18-2020, 02:58 AM   #25
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Ultra High Net Worth Individual as someone who owns a jet or a yacht?

You are talking about someone who has several hundred million, just to own a jet, let alone a yacht. A mere centimillionaire can not afford a yacht, as it would consume most of his $100M already, leaving him with no money for maintenance, staffing, and fuel.

Someone with $100M can afford a jet timeshare, or rent a yacht or a week or two. I think he would be too busy enjoying himself to post here.
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I know nothing about the rich life but I find that hard to believe.

It depends on the definition of a "yacht", the same as the definition of UHNW.

I guess I am influenced by what I saw on the Web about these yachts.

See: https://www.luxhabitat.ae/the-journa...-in-the-world/
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Old 11-18-2020, 06:26 AM   #26
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No one with $30M+ would out themselves on a public forum, notwithstanding promises to do so one day by HawaiiShrimp..
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Old 11-18-2020, 06:35 AM   #27
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No one with $30M+ would out themselves on a public forum, notwithstanding promises to do so one day by HawaiiShrimp..
Generally agree. Just a handful of posters here IIRC have stated a NW of 10mm range.
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Old 11-18-2020, 06:40 AM   #28
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I am a simple man, but I have a sister that's married to an elitist. I'll answer for them:

1. What do you do for fun? I used to winter in Aspen where we spent days skiing with a private instructor day after day. Now, my back is so bad I cannot ski any longer. We take cruises (in regular times) on luxury cruise lines all over the world.
2. How you get to where you are? Worked for a very successful family that took us into their business. I bought into the business over 25 years.
3. What are you doing to stay wealthy? Still working into my 70's. (Elitists never retire, as they get their kids to run the family business so they can keep up their high lifestyles.)
4. What is your splurge? Eating out at high line restaurants--mostly off the bar menu's. Travel overseas very often (most years.) Belong to a Manhattan "men's club" that has has most past U.S. Presidents as members.
5. Do you own a jet? a yacht? Yes, a LearJet 45 used to haul grandkids and Labradoodles to our mountain home. The grandkids use it to go to rock concerts.
6. Do you have houses in different countries? No. Just the city home and the mountain home. Most of our friends do have homes in Florida we often use.

I like to say their reality is just a little different from ours.
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Old 11-18-2020, 06:56 AM   #29
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We are moderate NW and bought a house, that needed work, in a HNW area. Where we live, the women (young and old) are obsessed with exercise, so they are all thin. Yet they look down their noses at me (also thin) because part of my exercise involves working on my house and yard.

I have the money to hire professional trades people when their skills are needed. The other women hire someone to do everything. I tried that, and hated it. My perfectionism got the better of me.

On topic: There are UHNW people about 5 miles north of us. We never see them, as their enclave is carefully screened from public view. We do see their small private helicopters overhead. That is how they commute. It was the same where we used to live.
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Old 11-18-2020, 06:56 AM   #30
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We had a guy who most likely was in this club on our street. He was in his 90s, still living alone when we moved here, so he really didn't do much of anything beyond driving to a local restaurant. He owned a significant percentage of the local commercial real estate, but had long since turned all the management activity to his kids. As far as I could tell, he spent all his time on that management during his active life. He knew everyone and was still sharp of mind, but never traveled.

I once spoke to his lawyer about another matter, and his name came up in conversation. The lawyer's comment was "I'll just say that he could buy and sell everyone on this street without blinking an eye." A very nice guy who liked to tell interesting stories about the WW II era. Alas, he fell and broke his hip at the age of 94, and had to move to a nursing home. Died two years later.
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Old 11-18-2020, 06:58 AM   #31
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I wish I could raise my hand. But....I'm satisfied with what I have. I might as well be as I'll never reach those levels.
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Old 11-18-2020, 07:17 AM   #32
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No one with $30M+would out themselves on a public forum, notwithstanding promises to do so one day by HawaiiShrimp..
And honestly I think that is sad. We live in a society where those that have attained enormous wealth are vilified. Example.....Jeff BEzos ....."He made billions during the Covid crisis!!!" Never mind that he has donated millions to charity. Translation: "He is a BAD dude!!!".....

Those that "don't have" will always be envious of those that "have."

Now, I'm not talking about those who acquired their wealth by inheritance ( although certainly nothing illegal about that); or those who scammed and cheated others aka BErnie MAdoff.

Myself, I want to LEARN from those that have attained enormous wealth. How did they do it? What steps did they take? What industry are they in?
Not that I ever hope to be as wealthy as they are, but maybe I can chart a course where eventually I become very comfortable financially.

I mean who WANTS to be poor? And those that are will throw every reason (excuse) as to why they are and don't you dare question it! Such as divorce, illness, lack of opportunities, bad luck, etc.

So that is why those that are "rich" stay quiet.
But those that hope someday to be rich could certainly learn from the former group.
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Old 11-18-2020, 07:22 AM   #33
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Old 11-18-2020, 07:36 AM   #34
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My longtime childhood friend is pretty close to that number. He's been in banking all his life and has been a Managing Director with a mega bank on Wall St for almost 15 years now. He was rich before that and was a huge bond investor and has done very well over the past 20 years. He works a lot and has a vacation home, but keeps his money close. I think it's more about the accumulation than the spending for him. We went out to dinner last year at a high end steak house with another couple and he huffed when we tipped on the alcohol part of the tab as well as the food. Kinda funny.
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Old 11-18-2020, 07:43 AM   #35
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Technically I just need to up my game. I am at $50,000 in just year 2 of my 10 year personal challenge to turn $2500 into $250,000 with trading.

So I just finish that up in another 2 years, then challenge myself to turn the $250,000 into $25,000,000

But really that still isn't UHNW so I will have to buck up and challenge myself once more to turn $25,000,000 into $2,500,000,000.

I'll get back to you in a few years.
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Old 11-18-2020, 07:49 AM   #36
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I saw on the news a few years ago that one of my buddies from high school and college gave $15M to the university so I assume he meets the definition. Too bad I didn't keep up with him. He lived in an ancient camping trailer in college and certainly never had anything handed to him.

I really would like to see him again some time, and not [just] because he's wealthy. I don't see us ever meeting again, though, especially considering he now lives half a world away.
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Old 11-18-2020, 07:56 AM   #37
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We have friends in that category. The last place they'd be is on a forum like this. Their accountants help with all their financial decisions, they would never post on the internet about their lifestyle. They'd be wary of bots and hackers. We're more DIY type investors who need advice and don't want to pay for it.

We always let them pay if we go out socially. After all, they were poor and struggling at one time but are generous with old friends.
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Old 11-18-2020, 08:01 AM   #38
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I do know of two self made billionaires.


One started with a milk route and turned it into one of the largest private companies in the US. He worked 24/7 to the point he didn't function well in public, no hobbies or fun of any kind. He didn't know how to put gas on his car. He died about 25 years ago and his family is still fighting.


The other is a down to earth guy who eats breakfast with the regulars at the local lunch counter. I saw him in the grocery store a while ago and he hollers "thanks for your work on the fire department, appreciate you guys". It didn't get to his head, for fun he owns and flies several airplanes.
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Old 11-18-2020, 08:06 AM   #39
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We have friends in that category. The last place they'd be is on a forum like this. Their accountants help with all their financial decisions, they would never post on the internet about their lifestyle. They'd be wary of bots and hackers. We're more DIY type investors who need advice and don't want to pay for it.
I had a go-getter college friend who got his engineering degree at U of Illinois, then Harvard MBA. We lost touch. When Facebook came along, I found out he did as well as he promised he would. He is now a VC. I don't know his networth, but it is probably north of $20M.

Interestingly, he loved to post on Facebook about his jetsetting ways. He likes to post photos of himself with people like Sir Richard Branson, whom he occasionally rubs elbows with. I thought this was a bit risky.

It also got a little old and pretentious. Not sure his current status since I dumped Facebook. I doubt he would ever post here. Too many trivial details for a VC.
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Old 11-18-2020, 12:12 PM   #40
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No one with $30M+ would out themselves on a public forum, notwithstanding promises to do so one day by HawaiiShrimp..
Not looking to start an argument , but I am curious as to why you think so.

Many of us longer-term posters were comfortable sharing our NW and some degree of personal details when we first joined the forum, and we have continued to do so as our NW increased over time. I see little difference in owning up to having a net worth of, say, $3 million vs $5 million vs $10 million vs. $15 million. $30 million would just be another step in the progression if one gets there, but I don't see why achieving that number would suddenly stop one from sharing if one was comfortable in doing so before.

I agree that a first time/relatively new poster might be hesitant, and those who are busy running up the score or enjoying their wealth might not take time to share, but I don't see why the rest of us would not.

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