Early Retirement & Financial Independence Community

Early Retirement & Financial Independence Community (https://www.early-retirement.org/forums/)
-   FIRE and Money (https://www.early-retirement.org/forums/f28/)
-   -   Any Ultra High Net Worth Individual (UHNWI) here? What do you do? (https://www.early-retirement.org/forums/f28/any-ultra-high-net-worth-individual-uhnwi-here-what-do-you-do-106473.html)

HawaiiShrimp 11-17-2020 07:45 PM

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

Ready 11-17-2020 07:59 PM

Quote:

Originally Posted by HawaiiShrimp (Post 2512520)
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 you are going to have to define what an Ultra High Net Worth Individual is before anyone could respond to this. People have widely different perceptions of what makes someone wealthy.

Car-Guy 11-17-2020 08:04 PM

Quote:

Originally Posted by HawaiiShrimp (Post 2512520)
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 have the vision, does that count or help? :)

audreyh1 11-17-2020 08:07 PM

Ha!

RobbieB 11-17-2020 08:07 PM

Not me. I live in a tract house.

audreyh1 11-17-2020 08:09 PM

Quote:

Originally Posted by Ready (Post 2512533)
I think you are going to have to define what an Ultra High Net Worth Individual is before anyone could respond to this. People have widely different perceptions of what makes someone wealthy.

Wikipedia says:
Quote:

Ultra-high-net-worth individuals (UHNWI) are defined as having a net worth of at least US$30 million in constant 2018 dollars

WhenIsItTime 11-17-2020 08:09 PM

Please name a $#. Toe-tapping.

Ready 11-17-2020 08:13 PM

In the industry I worked in for many years my clients net worth ranged anywhere from $100 million to several billion dollars. There was not one client at our company who “needed” to work to earn an income. And yet my experience with these folks was that they were some of the hardest working people I’ve ever known. They were running large companies, building new companies, investing in new markets, and competing aggressively for business against other high net worth individuals. They were completely driven by success and had no interest at all in retiring and living a “life of leisure”.

NW-Bound 11-17-2020 08:15 PM

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. ;)

Stormy Kromer 11-17-2020 08:20 PM

I split wood, butchered a deer and made a pot of home made ham & bean soup today. I had a sip of Seagrams before a slice of meatloaf & garden vegetables, homemade bread then watched a rerun of Dances with Wolves on DVD next to a roaring fire in the wood stove.


Now, what is a UHNWI ? If I can't do what I did today I don't want to be one.

Fermion 11-17-2020 08:21 PM

Sometimes for fun I take our jet to our winery in southern France to check on things but mostly I stay on our island.

Aerides 11-17-2020 08:31 PM

You'll find we have a mix here, from those just starting out in their careers on a path to ER many years in the future, to those sharing decades of experiences after retiring.

A vast majority of those already retired are in the low-mid 7 figure NW category, based on what's shared. Some are FIRE'd on a leaner NW but quite comfortably, or have pensions, etc. Then there are some folks who identify with FAT Fire, generally in the 10M+ club.

However, I personally think the $50M+ club isn't retired. They become VC's or something else. The type of personality to drive that sort of income, not stop at $5m, or $10M, or the 3rd home, generally isn't the type that's going to be happy without the trappings of titles, status and power. ymmv.

RobbieB 11-17-2020 08:35 PM

Yup, they don't post here.

HawaiiShrimp 11-17-2020 08:38 PM

Quote:

Originally Posted by Aerides (Post 2512565)
You'll find we have a mix here, from those just starting out in their careers on a path to ER many years in the future, to those sharing decades of experiences after retiring.

A vast majority of those already retired are in the low-mid 7 figure NW category, based on what's shared. Some are FIRE'd on a leaner NW but quite comfortably, or have pensions, etc. Then there are some folks who identify with FAT Fire, generally in the 10M+ club.

However, I personally think the $50M+ club isn't retired. They become VC's or something else. The type of personality to drive that sort of income, not stop at $5m, or $10M, or the 3rd home, generally isn't the type that's going to be happy without the trappings of titles, status and power. ymmv.

Personally, I only know 1 UHNWI so far. NW should be $50M or above. He's an owner of a very successful escrow company in CA. His company is pretty much taken care by his staffs, so he has time to come out and shoot long rifles with me whenever he can. He got 2 houses, both fancy big homes. Drive a corvette and own 2 mercedes, that's it. As you said, he's also NOT retired yet. He doesn't have to, I suppose. "It's just not a lot of work anymore."

I guess lots of UHNWI are small business owners.

aja8888 11-17-2020 08:49 PM

Quote:

Originally Posted by Fermion (Post 2512554)
Sometimes for fun I take our jet to our winery in southern France to check on things but mostly I stay on our island.

You have an island? Well, I feel sorry for you......WE have our own country. And we go to it on our 747 (with a few friends,of course)!

audreyh1 11-17-2020 09:01 PM

Quote:

Originally Posted by aja8888 (Post 2512583)
You have an island? Well, I feel sorry for you......WE have our own country. And we go to it on our 747 (with a few friends,of course)!

Hey - did you buy that cool Led Zeppelin 747?

Boho 11-17-2020 09:11 PM

Quote:

Originally Posted by NW-Bound (Post 2512547)
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.

I know nothing about the rich life but I find that hard to believe.

aja8888 11-17-2020 09:14 PM

Quote:

Originally Posted by audreyh1 (Post 2512587)
Hey - did you buy that cool Led Zeppelin 747?

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! :laugh:

NW-Bound 11-17-2020 09:16 PM

Quote:

Originally Posted by Fermion (Post 2512554)
Sometimes for fun I take our jet to our winery in southern France to check on things but mostly I stay on our island.


If you have a landing strip for your jet right inside the winery, you are doing well. I presume that the island has a landing strip also.


Quote:

Originally Posted by aja8888 (Post 2512583)
You have an island? Well, I feel sorry for you......WE have our own country. And we go to it on our 747 (with a few friends,of course)!


I dunno. Saddam Hussein and Gaddafi used to say they had their own countries.

WhenIsItTime 11-17-2020 09:56 PM

Quote:

Originally Posted by HawaiiShrimp (Post 2512574)
Personally, I only know 1 UHNWI so far. NW should be $50M or above. He's an owner of a very successful escrow company in CA. His company is pretty much taken care by his staffs, so he has time to come out and shoot long rifles with me whenever he can. He got 2 houses, both fancy big homes. Drive a corvette and own 2 mercedes, that's it. As you said, he's also NOT retired yet. He doesn't have to, I suppose. "It's just not a lot of work anymore."



I guess lots of UHNWI are small business owners.



Not sure a “small business” yields $50M of net worth.


All times are GMT -6. The time now is 08:41 PM.

Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.