Any Ultra High Net Worth Individual (UHNWI) here? What do you do?

[RobbieB]

The ultra rich use Twitter.

 

[Koolau]

The ultra rich use Twitter.

Ahhhh! I didn't think of that. I guess that's why I don't use Twitter, or FB or the other UHNW social media. Us poor millionaires aren't welcome there either

 

[CRLLS]

At some time in my waning years, I may have "staff" on a 24/7/365 basis, if I last that long. I can guarantee it won't be due to UHNW. If I am happy where I am financially, why want for more? Isn't that the basic reason for having this group?

During my working life, I often said that once you reach a certain level, more money doesn't make you proportionally happier. But lack of money certainly can make life difficult, if not impossible. This has already been mentioned by others and attributed to others more quotable than me.

 

[HawaiiShrimp]

Will you then be content? Finally satisfied? Will life be more meaningful? Finally self-actualized?
Having already amassed $10m, another $20m shouldn’t be an impossible task, right?

My point is... it’s probably less challenging to just keep doing what you are doing... which will probably make more, even $20m, money... than doing the internal work to reconcile our seeking and desires, and address that hunger within.
Maybe we are each of us on this earth for our own, unique individual reason. The money, job, family... all just a part of the process, not the ultimate meaning. Then again, maybe we’re each just random gene combinations and the goal is a giant pot of money.

I don't spend too much time pondering life. Truth is: I will not work harder to reach UHNWI status. If it happens, it happens. I will just let money itself do the work; it does a better job compounding than me.

 

[WhenIsItTime]

I heard somebody say once “money doesn’t buy happiness, but it can sure make being miserable a lot better”!

Personally, I choose not to be miserable. But this may work for some.

 

[Koolau]

I don't spend too much time pondering life. Truth is: I will not work harder to reach UHNWI status. If it happens, it happens. I will just let money itself do the work; it does a better job compounding than me.

I'm guessing that most of us here adopted that perspective. I'm not even a particularly good investor - just a good saver. Given long enough, the money will take care of itself - and us! YMMV

 

[P.S.]

I don't spend too much time pondering life.

Hmmm, I find pondering a useful endeavor. And since we are living a life, and aren’t living a money, then maybe the former is worth examining.

 

[Time2]

That highlighted part almost sounds like Jay Leno. I had to look him up. One site says he is worth 400mil. That would be enough for me.

I would do it long before I got $400M, $20M, would be plenty. But I would have the shop and tools before that.

 

[HawaiiShrimp]

I'm guessing that most of us here adopted that perspective. I'm not even a particularly good investor - just a good saver. Given long enough, the money will take care of itself - and us! YMMV

100% agree. Thanks.

 

[NW-Bound]

Speaking of private jets, I had a trip in the corp's jet once. The workplace was a smaller division and had only a few thousand employees, hence its jet was also small. It was a Citation, and I do not remember which model, except that it had about 8 or 10 passenger seats, with 2 pilots, and the interior was a bit cramped.

Just now look on the Web, and find that the Citation CJ4 that's about the size of the plane I rode in goes for $9M new. Truly rich people prefer a Gulfstream which is larger and costs about $40M new.

On the Web, I see that an old 1974 Citation 500 jet can be had for as little as $195K. Sounds unbelievably cheap, but what is the operating cost?

Knowing nothing about it, I looked up this site and got eyes wide open: https://prijet.com/operating_costs/Cessna Citation 500.

Photo of 1974 Citation 500:

 

[HawaiiShrimp]

Hmmm, I find pondering a useful endeavor. And since we are living a life, and aren’t living a money, then maybe the former is worth examining.

I do think about "life" on a daily basis, but certainly not drill too deep to the point where I feel like "I NEED an answer by" (if u know what I mean). It's one of the many subjects I'm interested in knowing more. I'll leave it at that.

Fact is: There's no way we know for sure the purpose of it all. I tend not to spend exhaustively on something with an unknown ROI (i.e, my time & effort). YMMV. TEHO.

 

[HawaiiShrimp]

Speaking of private jets, I had a trip in the corp's jet once. The workplace was a smaller division and had only a few thousand employees, hence its jet was also small. It was a Citation, and I do not remember which model, except that it had about 8 or 10 passenger seats, with 2 pilots, and the interior was a bit cramped.

Just now look on the Web, and find that the Citation CJ4 that's about the size of the plane I rode in goes for $9M new. Truly rich people prefer a Gulfstream which is larger and costs about $40M new.

On the Web, I see that an old 1974 Citation 500 jet can be had for as little as $195K. Sounds unbelievably cheap, but what is the operating cost?

Knowing nothing about it, I looked up this site and got eyes wide open: https://prijet.com/operating_costs/Cessna Citation 500.

Huh, with all these costs, I rather pay for 1st class ticket from the best airliners. I don't want to deal with that headache.

 

[NW-Bound]

But, but, but, then you would still have to go through the same TSA long lines and rub shoulders with the uncouth hanging out at the terminal jostling each other waiting to board the plane.

If you want to avoid the above ordeals, you have to pay more. That's what money buys you.

 

[HawaiiShrimp]

But, but, but, then you would still have to go through the same TSA long lines and rub shoulders with the uncouth hanging out at the terminal jostling each other waiting to board the plane.

If you want to avoid the above ordeals, you have to pay more. That's what money buys you.

I'm not a germaphobic, no problem hanging out with the commoners.

 

[CRLLS]

I wonder exactly how many of those UHNW people actually own those private jets vs. their business owns them and just shows up as depreciation and operating expense of the company? Ahhh.... the rich! They have so many options!

 

[Stormy Kromer]

Many are leased.

 

[Spanky]

At some time in my waning years, I may have "staff" on a 24/7/365 basis, if I last that long. I can guarantee it won't be due to UHNW. If I am happy where I am financially, why want for more? Isn't that the basic reason for having this group?

During my working life, I often said that once you reach a certain level, more money doesn't make you proportionally happier. But lack of money certainly can make life difficult, if not impossible. This has already been mentioned by others and attributed to others more quotable than me.

The UHNW topic, IMO, is just entertainment. It is interesting to listen some of the perspectives from different members.

As you said, the sprit of this forum is FIRE - acquiring enough and do things that you love to do and do not have to worry about running out of money or acquiring more & more to the detriment to your mental wellness. The more that you have, the more fear about losing it - not to mention all those maintenance, i.e., fee, repairs, insurance.

 

[Spanky]

I wonder exactly how many of those UHNW people actually own those private jets vs. their business owns them and just shows up as depreciation and operating expense of the company? Ahhh.... the rich! They have so many options!

yea - many options and many headaches.

 

[CRLLS]

yea - many options and many headaches.

But I think they have "people" to give those headaches to?

 

[NW-Bound]

Yes, you can "outsource" the headaches by spending more money.

The LBYM principle works with the UHNW folks too. As I mentioned earlier, the centimillionaires who try to be like a billionaire will soon learn to regret it.

LBYM all the way, baby.

 

[Amethyst]

Business class lines are a bit shorter than coach. Although we stood in one international BC line that was awful...I think they were fixing the plane.

But, but, but, then you would still have to go through the same TSA long lines and rub shoulders with the uncouth hanging out at the terminal jostling each other waiting to board the plane.

If you want to avoid the above ordeals, you have to pay more. That's what money buys you.

 

[NW-Bound]

In our trip last year going from Barcelona back to the US, during the plane change at CDG, and people had to move from one terminal (EU area?) to another terminal (destination outside EU?), there was a horrendous crowd fighting to get through immigration. Much of the trouble was caused by having only 2 out of 6 immigration booths manned.

It was a good thing we had a 2-hour layover, else would miss our flight the way I heard other travelers lamented. People were jumping lines, trying to get ahead. It was total fiasco. I told my wife I swore not to go through CDG ever again.

Not all hassles are avoided with a better seat, although having a nice laid-back seat to look forward to upon boarding would help a lot.

 

[kcowan]

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 don't qualify but I do associate with a few. Here is what I observe:
1. Mostly travel, watching their investments, being on boards for various causes. Hobbies.
2. Built their businesses and then sold them for cash.
3. Always keep enough to live on. They don't employ fulltime staff.
4. Not much different than us. Always fly first class. Don't like to overpay for anything.
5. Yes multiple cars and jets. Piloting own planes and racing cars. One has a yacht. Gets the captain to take it on longer trips and then joins him part way there.
6. Yes wherever they will spend substantial time. e.g. Condo by a racetrack for his racing car. Summer places. Winter places.

We see each other at parties and dinners. Often chat about topics of mutual interest. They are all generous with their offspring.

 

[Stormy Kromer]

I do know one quite well. He started a small specialty shop and in about 30 years went public and got out of there. Cashed the check and didn't look back.


1. He started a charitable foundation and has personally helped countless people obtain cars that they could never have afforded.
2. See above.
3. He "won the game" and invested relatively conservatively. Bonds more than stocks.
4. He really doesn't splurge on himself, but he doesn't lack for anything either. He did take 70 relatives on an Alaskan cruise a few years back. He spends a ton on scholarships and helping our local public schools.
5. He has one of the nicer boats in the area, but we're inland so yachts aren't an option. He had a plane that he piloted himself but soon realized that trained professional pilots can save your life everyday. He sold the plane, but does fly first-class. He had a collection of sports cars, but gave them up for the same reason as the plane. "those things can get you killed".
6. Just his house in his home state and a nice compound in AZ.


He was a tough guy to work for, but he is also one of the most down to earth and generous men I've known. When he sold his business he gave every employee a generous bonus based on their years of service, the same to everyone no matter their job. It was enough for most to buy a new car or 20% down payment on a house. He was very active in community service and raised a lot of funds to improve our community.


Funny thing, he was a modest man. The buy who bought his company was full of himself, had a nice jet, many homes and he went broke in under 10 years. Lost it all.


My friend came from depression era, so he didn't show off. I did a lot of volunteer work with him, he's a good guy and I forget he's worth over $100M. I think he forgets sometimes too.


A the end of the day all he wants is a sip of Gentleman Jack and a good dinner with friends. Not much different than the rest of us.

 

[523HRR]

Can't speak for the UHNW crowd, but I suspect that those with $10 million or so, despite being in 1% territory, don't actually feel all that rich. Certainly not enough to afford a G5 or a 100+ foot yacht. By outward appearances, most likely these folks live a normal, albeit comfortable, lifestyle -- under the radar..