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

[Bigdawg]

No, I leased that one to them and had Boeing build me one to my specifications. (LOL)

Fermion needs to step up his game with only a jet!

I was the valet for 12 F/A-18C's @ 29 million per. Did that for two years. BTW Hornet valet's don't make much $. Pilot's leave horrible tips. And they always bring the jets back broken.

 

[gerntz]

I have one, maybe 2-3, friends who I believe would qualify.

 

[rodi]

To the OP... As has been mentioned - there have been several fat-FIRE types here. Some are still around, some aren't. For the most part they didn't get to the higher net worth through being frugal... some had very large salaries and bonuses.

I definitely don't qualify for UHNW... I was able to retire through being frugal and having dual comfortable middle class income(s). No 6 figure bonuses for us.

I have one friend who probably meets the definition of UHNW. Definitely falls into the VHNW category. His home is relatively modest (<3k sf)... but has an AMAZING ocean view. He's been known to fly across country to see a concert or opera on a whim... but for the most part does free stuff like birdwatching and cooking. When I retired he suggested I might get bored and to find stuff I enjoyed (hasn't been a problem.) He still works... but on his own terms.

 

[SecondCor521]

It probably doesn't count because she couldn't pick me out of a line up, but I happened to be in the same Princeton class as a woman who went on to found a very successful financial business in the Chicago area and is donating enough to our alma mater to get a residential college named after her. So it'll be Forbes College, Rockefeller College, Whitman College (named after Meg Whitman), a couple of others, and this new one named after her.

I'm guessing she's probably in the club.

 

[luckydude]

I think many wealthy members would be comfortable sharing such details with the regulars here, if they could assure that is as far as the info went. But this is a public forum. Very high net worth individuals should be wary of the security implications of exposing their financial details to potential predators. That would be particularly risky for a poster who shared a lot of information that could disclose who they are IRL. From various polls it is clear that some members have substantial portfolios but you don't see many in the upper ranges posting detailed dollar breakdowns. They (and most of us more pedestrian members) tend to talk in terms of percentages. I don't think that is because of modesty or embarrassment. It is just prudent..

Thanks. I definitely agree with the prudent aspect of not sharing too much. Personally I don't mind sharing numbers but I do take the precaution of leaving out/generalizing certain personal details for the same reason.

Lucky Dude

 

[Bamaman]

I used to do business with some very substantial people. They sold their companies many years ago in industry consolidations, and went into a very other businesses. First thing they did was go out and buy three corporate jets--two of which were very large and expensive planes.

The parents are now in their late 70's and the kids are running the family businesses. One father died 2 years ago. Now "the kids" (as I knew them) have also bought huge corporate jets--Challengers seating 22 people. One of the kids has a light piston twin airplane.

What the heck do 40 somethings need with airplanes larger than a Gulfstream? Why do they think they've got to spend a big portion of entire family's income on danged airplanes?

My nephew that runs in their social circle. He has a small cabin on a lake, but one of the local "friends" has a 8,500 square foot second home 2 doors from him. These young adults' city homes are in the $3 million+ range, and they don't even have them furnished especially nice.

They act like there's no end to the money. I just think of the good that they could do with all the money they're spending on frivolous expenses. Their fathers in their earlier years made a big impact on the city's society with proper giving.

 

[REWahoo]

^ Dang whippersnappers!

 

[jollystomper]

I know more than a few people in this category, primarily through Dw and I attending an Ivy League school. The ones I am good friends with are just nice, considerate people. How they choose to spend their wealth is up to them. Other than traveling to more places than most people do, they do not live "big" lives, and they are fine with that.

When two of our college friends, each UHNW via their families, married about a year after we did, they invited us and other friends to spend Thursday-Monday on the grounds of the mansion where the wedding was held. It was comparable to some of the all-expense overseas trips I was awarded at Megacorp. The families treated us as one of their own.

When we were in our early 30s. another couple lived within a hour of us, and has children the same age, so we would regularly get together for hiking/biking/sightseeing. When they moved from our area, we treated them to dinner. We were shocked when they expressed thanks and said "no one has ever done that for us".

At our last college reunion, at one point I was chatted with several friends, we had not seen each other physically in years.. Two had retired from Wall Street investment banking, another had started or joined several early tech startups and was now a venture capitalist, another had taken over his family's large private business. I guessed that their combined net worth was at least $1 billion. But there was no jealously or one-upmanship, the major aspect of the conversation was reviewing our campus adventures and filling each other in on our experiences. Everyone was glad each was happy and content with the paths we had taken.

 

[HawaiiShrimp]

Also, I'm fond of pointing out the difference between high financial net worth and high non-financial net worth. The former doesn't automatically imply the latter. The older I get, the less impressed I am by financial net worth, despite the undeniable power that money has in a mixed socialist-capitalist economy.

Can you explain what do you mean by "High non-financial net worth"?

 

[Dtail]

Just being retired and particularly not being worried about money does it for me.
I supported a trader in the 1980's who was earning 5m a year back then. There are always others who have more.

 

[W2R]

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.

 

[Gumby]

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.

 

[moneymaker]

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.

 

[Car-Guy]

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".

 

[RobbieB]

Yup. That much dough and I'll hire a personal assistant to arrange my stuff.

 

[Dtail]

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.

 

[socca]

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.

 

[Sunset]

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.

 

[Gumby]

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.

 

[Out-to-Lunch]

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.

 

[W2R]

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.

 

[Jerry1]

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.

 

[Koolau]

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

 

[W2R]

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.

 

[FANOFJESUS]

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.