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Old 11-18-2020, 03:54 PM   #61
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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 am not a UHNWI. But, if I awakened tomorrow to find out that I was, I know exactly what I'd do.

1. I'd do the same things for fun that I do now. Play Animal Crossing and browse the internet, mostly.

2. (Can't answer this one because it would have to be nothing short of a miracle to get me there).

3. I'd invest like a Boglehead. I do some of that now.

4. My splurge would be ... um... I can't think of any that I am not already splurging on. I can afford everything I could ever want. OK, how's this? I spent $158.44 on some Animal Crossing Amiibo cards last week, there you go. Blow That Dough.

5. I neither have nor want a yacht or a jet. Those are only useful for going places. I don't want to go anywhere.

6. I neither have nor want a house in another country, either. What a PITA. I like being here in my own home, where everything is the way I want it to be.

The problem with this type of quiz, is that is assumes that we are somehow dissatisfied with our present life, possessions, and/or experiences. Since I am actually, genuinely content, nothing that I say will sound very interesting.
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Old 11-18-2020, 04:04 PM   #62
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I am not a UHNWI. But, if I awakened tomorrow to find out that I was, I know exactly what I'd do.

1. I'd do the same things for fun that I do now. Play Animal Crossing and browse the internet, mostly.

2. (Can't answer this one because it would have to be nothing short of a miracle to get me there).

3. I'd invest like a Boglehead. I do some of that now.

4. My splurge would be ... um... I can't think of any that I am not already splurging on. I can afford everything I could ever want. OK, how's this? I spent $158.44 on some Animal Crossing Amiibo cards last week, there you go.

5. I neither have nor want a yacht or a jet. Those are only useful for going places. I don't want to go anywhere.

6. I neither have nor want a house in another country, either. What a PITA. I like being here in my own home, where everything is the way I want it to be.

The problem with this type of quiz, is that is assumes that we are somehow dissatisfied with our present life, possessions, and/or experiences. Since I am actually, genuinely content, nothing that I say will sound very interesting.
If I had a house in another country, I would be living in it full-time. I think having multiple houses is just a pain in the butt, regardless of how much money you have. If I travel, I stay in hotels. Some of them are pretty darned nice. Same with having boats or planes - just more pain in the butt. It is easy enough to fly on NetJets or the equivalent when you need to. And, quite honestly, after my years in the Navy, going to sea doesn't thrill me all that much.
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Old 11-18-2020, 04:50 PM   #63
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I'm definitely not in the club, but I did just cross into the 7 figure club which we are proud of.

However, my first cousin is married to the front man/songwriter/guitarist of one of the biggest bands of the last 25 years and they are upwards of $250-300 million which qualifies; so I'll answer for her.

1. What do you do for fun? We are very simple and enjoy time at our home in XXX with friends and family. We enjoy hosting and having good wine and other drinks with friends and family. We do enjoy some travel.

2. How you get to where you are? We were very fortunate. My husband learned guitar early on and wrote some songs and then shared those songs with some other local musicians and they put together a band. They began touring a lot and then got a record deal. They worked very hard and have toured constantly for many, many years.

3. What are you doing to stay wealthy? We live very simple lifestyles. No fancy cars, no extravagant homes. We have a business/finance manager. We know zip about managing our wealth, haha.

4. What is your splurge? uhhhhhh....I guess we fly privately everywhere.

5. Do you own a jet? a yacht? Definitely not. Who needs that?!?!? Wouldn't even know what to do with it. We have paddle boards and kayaks. Does that count? My husband does use a lease jet business where you buy miles, but it's more so for his business when he tours.

6. Do you have houses in different countries? Def not. We have two houses in the US and that's enough for us.
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Old 11-18-2020, 04:52 PM   #64
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If I had a house in another country, I would be living in it full-time. I think having multiple houses is just a pain in the butt, regardless of how much money you have. If I travel, I stay in hotels. Some of them are pretty darned nice. Same with having boats or planes - just more pain in the butt.
Just curious, if you were really rich, (like 100's of millions or a billion+) why would it be a pain in the butt? Just hire someone to manage the logistics and all the staff that would maintain and manage it all for you. Just tell him (or her) where you want to go, when, for how long, meals, excursions, and "whatever".... Let them work the "details".
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Old 11-18-2020, 04:59 PM   #65
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Yup. That much dough and I'll hire a personal assistant to arrange my stuff.
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Old 11-18-2020, 05:00 PM   #66
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Originally Posted by W2R View Post
I am not a UHNWI. But, if I awakened tomorrow to find out that I was, I know exactly what I'd do.

1. I'd do the same things for fun that I do now. Play Animal Crossing and browse the internet, mostly.

2. (Can't answer this one because it would have to be nothing short of a miracle to get me there).

3. I'd invest like a Boglehead. I do some of that now.

4. My splurge would be ... um... I can't think of any that I am not already splurging on. I can afford everything I could ever want. OK, how's this? I spent $158.44 on some Animal Crossing Amiibo cards last week, there you go. Blow That Dough.

5. I neither have nor want a yacht or a jet. Those are only useful for going places. I don't want to go anywhere.

6. I neither have nor want a house in another country, either. What a PITA. I like being here in my own home, where everything is the way I want it to be.

The problem with this type of quiz, is that is assumes that we are somehow dissatisfied with our present life, possessions, and/or experiences. Since I am actually, genuinely content, nothing that I say will sound very interesting.
Maybe but only maybe you might replace your Venza.
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Old 11-18-2020, 05:13 PM   #67
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Can you explain what do you mean by "High non-financial net worth"?
People have been debating what constitutes a high-quality person for a long time. Only rarely do these measures involve money. For example, consider Benjamin Franklin's famous 13 Virtues - only two of them directly or indirectly involve money (Frugality and Industry). These non-financial methods of measuring a human are what I'm referring to when I talk about "non-financial net worth."

A person can be so consumed with making money that they forget that there are other methods for measuring "success". Fortunately, no one who visits this board falls into this category.
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Old 11-18-2020, 05:15 PM   #68
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I hadn't considered it before, but I know a couple that fit into this level of net worth.

Very nice considerate people, treated their staff with kindness and lots of respect.
You wouldn't know they are well off, as there are no trappings of richness that I ever saw.
They worked hard, but are finally handing over the business reins as they are over age 70.
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Old 11-18-2020, 05:34 PM   #69
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Just curious, if you were really rich, (like 100's of millions or a billion+) why would it be a pain in the butt? Just hire someone to manage the logistics and all the staff that would maintain and manage it all for you. Just tell him (or her) where you want to go, when, for how long, meals, excursions, and "whatever".... Let them work the "details".
Maybe I'm too much of a control freak. Thus, I plan out all my vacations in exquisite detail and make all the arrangements myself. If I were going somewhere I did not speak the language, I might need more help. Or I just might learn the language so I could take charge. That's why I learned to speak Italian.
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Old 11-18-2020, 06:16 PM   #70
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I know more than a few people in this category, primarily through Dw and I attending an Ivy League school.
DW and I attended top-rated Ivy League schools, but, unfortunately, it was only for our Ph.D.'s! Hence, our friends are comfortable, but none of them are rich!

BTW, I was genuinely heartened by your story.
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Old 11-18-2020, 06:51 PM   #71
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Maybe but only maybe you might replace your Venza.
As soon as I find a car that I like better than my 2009 Venza, I'll buy it! The auto manufacturers just are NOT cooperating.
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Old 11-18-2020, 07:08 PM   #72
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Not to split hairs, but I know a number of people that probably have about $30M and therefore qualify as a UHNWI. Thing is, they are pretty simple people. Sure, their house is bigger and their life a little more comfortable, but as strange as it sounds, I just don't think $30M is enough to live like the ultra wealthy. The ones I know are CEO's for good size organizations that get paid in the $3M to $5M range and of course, that adds up nicely over the course of a career. They usually belong to a country club, fly first class, eat and drink well and have a very comfortable life. But, they are basically working people in that they go to work every day and run their companies, sit on boards and are involved in their communities. The couple of people in this category that I know real well would fit on this forum nicely. They worked their way up, lived below their means and saved a hell of a lot of money. That LBYM's personality just doesn't change all that much even when you have a lot of money.

I have no idea where a better place to draw the line is, but for the owning a yacht or jet or having multiple residences in multiple countries, I think you need more than $30M. Especially if you're thinking a large yacht with a crew, a jet on call and large staffed residents in multiple countries. That takes serious coin that even those I know of would be a bit envious of.

The great thing is that it is absolutely true that you can be happy at any level (acknowledging that one may have to get to a level beyond sustenance). And if you're not, it's also true that except for a couple people on earth, there's always someone who has more than you, so you're never likely to be happy. Thankfully, I'm happy and most of all grateful for how things have ended up so far.
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Old 11-18-2020, 07:11 PM   #73
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I have very mixed feelings about being (or, in my case, not being) an UHNWI. I suppose if for some reason I suddenly became one, I'd make some changes, but probably not too many. For instance, right now I can afford to travel 1st class when I fly, but I just can't seem to mentally pull that trigger. If I were sitting on a stash of 50 or 100 mil, maybe I could do it.

I think I would suffer guilt at having so much. With my more or less average stash for this group I feel a pang from time to time. The only thing that keeps me from giving away more is the fear of black swans. Oh me of little faith. YMMV
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Old 11-18-2020, 07:12 PM   #74
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I think having multiple houses is just a pain in the butt, regardless of how much money you have.
Exactly!!! I completely agree and do not want to put myself through that. In my case, I have zero desire to supervise a staff to manage multiple houses. I have seen what a PITA that can be, and spending my precious time like that is not my retirement dream.
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Old 11-18-2020, 07:26 PM   #75
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I knew a guy worth about 10 million. He took me out to eat. He smiled when I ordered something cheap. I learned he was frugal and wanted to make more money. I have meet several millionaires under 10 million they all were looking for more money. It kind of spooked me.
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Old 11-18-2020, 08:22 PM   #76
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The difference in the quality of "staff" whom you and I could afford to hire, and the actual professional house staff that a billionaire can get, is night and day.

Professionals can handle just about anything that might come up without troubling you in the slightest, as long as you pay the resulting invoices. So, the billionaire just shows up in her personal helicopter at whatever house, whenever it's convenient, and everything is ready and waiting, just as if she lived there all the time.

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Exactly!!! I completely agree and do not want to put myself through that. In my case, I have zero desire to supervise a staff to manage multiple houses. I have seen what a PITA that can be, and spending my precious time like that is not my retirement dream.
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Old 11-18-2020, 08:30 PM   #77
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The CEO of the company DW retired from was definitely in the UHNW category. He had a beautiful home we got to see for Christmas parties. His wife was very good at spending his money and the company’s money during a move. Sadly, they divorced. DW retired. I have no idea how he lives now.
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Old 11-18-2020, 08:37 PM   #78
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There are yachts and then there are YACHTs.
This page has an $18M YACHT near the bottom, but they start at $300,000.
https://www.godownsize.com/average-yacht-prices/

I would call the $300K job a boat and not a yacht, not that I know much about boating.

I get sea motion sickness easily, and would not want anything more than a canoe. However, I wanted to have a waterfront home on Bainbridge Island, and on Rockaway Beach Rd to be exact, in order to me to row my canoe out from my backyard everyday to check on my crab traps. I want to find out how long it takes for me to get tired of catching and eating Dungeness crab.

When the economy and the market got pummeled during the Great Recession of 2008-2009, there were houses there on the market for a bit more than $1M. Now, whenever there's one on the market, it goes for several mils. They will be forever out of my reach.
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Old 11-18-2020, 08:41 PM   #79
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If I had a house in another country, I would be living in it full-time. I think having multiple houses is just a pain in the butt, regardless of how much money you have. If I travel, I stay in hotels. Some of them are pretty darned nice. Same with having boats or planes - just more pain in the butt.
Just curious, if you were really rich, (like 100's of millions or a billion+) why would it be a pain in the butt? Just hire someone to manage the logistics and all the staff that would maintain and manage it all for you. Just tell him (or her) where you want to go, when, for how long, meals, excursions, and "whatever".... Let them work the "details".
I'm thinking along the lines of Gumby here.

Sure, I could "just hire someone", but I find that to be a PITA. I often tackle projects just to avoid having to go through the hassle of hiring someone else.

And with a multi-million $ estate - I'd worry that the staff weren't doing a good job, or they'd be stealing, or worry about the liability, etc. Maybe when you get to that level, there's a network of people you can trust, that you find out about by word-of-silver-spoon-mouth? Hmmm, like all those people heard about that great investment guy, Bernie Madoff?

On the somewhat rare occasions when I hire someone, and they do a great job at a reasonable (not cheap) price and no hassle, that's great. But I find that to be the exception.

Even at my "comfortable" net worth, I'm looking to simplify, rather than take on more responsibilities like boats, planes, multiple houses.

-ERD50
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Old 11-18-2020, 08:52 PM   #80
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Even at my "comfortable" net worth, I'm looking to simplify, rather than take on more responsibilities like boats, planes, multiple houses.

-ERD50

If I had more money, I would rent or lease. I would not need to have a jet with my name on it. Jet timeshare is a lot less headache. And one can rent a castle if he wants to spend a month in it (I don't because I would get bored). There are plenty of nice places one can stay while traveling.

Being filthy super rich comes with a major baggage: you worry all the time about being robbed or kidnapped. Or your spouse or kids get abducted for a ransom. Too much trouble for not much more pleasure in life, I think. Of course I will never know.
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