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Latihan shadowing: How the World's Wealthiest People Travel

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  1. There are roughly 295 ,450 people with at least $30 million.0:00
  2. Such individuals, referred to as ultra -high net worth, represent about 0 .0037 % of the human population yet they hold about a third $35 trillion of the world's wealth.0:05
  3. Therefore, it's no wonder why a massive global industry exists fully centered on supporting the pneumatic lifestyles of the world's wealthiest $295 ,000.0:17
  4. As with any socioeconomic class, ultra -high net worth individuals are more likely to socialize with other ultra -high net worth individuals, yet intriguingly, the number of people earning and0:27
  5. spending similarly to you goes down as your income goes up.0:38
  6. Therefore, once you get to the top of the income scale, the scarcity of people like you stretches your social networks out to a global scale.0:42
  7. Through the years, this led to the creation of the informal but remarkably systematized so -called billionaire's social calendar.0:50
  8. The year often starts on St.0:58
  9. Barthes, the traditional New Year's Eve spot for the wealthiest view, then February might include the Super Bowl, and March skiing in Aspen or San Maritz.0:59
  10. Spring starts with the Masters Golf Tournament in Augusta, Georgia, while May includes the Caen Film Festival and the conveniently close Monaco Grand Prix.1:06
  11. June's highlight is the Henley Royal Rowing Regatta in England, July's as Wimbledon, August's as the Venice Film Festival, while September often includes a return to Monaco for its yacht1:14
  12. show.1:23
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  1. October is the Friess London Art Fair, November might include a trip down under for the Melbourne Cup, and finally, the last major event of the year, before St.1:24
  2. Barthes, of course, is Art Basel, Miami Beach.1:32
  3. These events are hardly about the events themselves.1:35
  4. Most wealthy attendees to Monaco's Grand Prix hardly care about the racing, and its yacht show is far more than a sales event for the vessels, but rather they serve1:38
  5. as an exclusive space made available only to wealthy people who want to socialize with other wealthy people.1:45
  6. While few go to all, and each adapts the calendar to their preferences, ultra -wealthy individuals have often expressed a feeling of obligation to join the circuit in order to1:51
  7. maintain their social standing.1:59
  8. Such pressure may have motivated Jeff Bezos, for example, to start his 2022 as he did—on a yacht off St.2:02
  9. Barthes with his partner, Lauren Sanchez.2:08
  10. Thanks to publicly available aircraft transponder data, however, we're able to see what he did with the rest of his January.2:11
  11. Bezos' pair of G650 jets are too large for St.2:17
  12. Barthes' short runway, so they waited on neighboring St.2:20
  13. Martin while the billionaire rang in the new year.2:23
  14. Then, on the first, N271 -DV took off for the seven -hour flight to Los Angeles to drop Sanchez off, while the other N758PB flew the next day to take2:25
  15. Bezos directly home to Seattle.2:35
  16. Over the next two weeks, both jets regularly shuttled up and down the west coast between Seattle and Burbank, presumably to take Bezos and Sanchez to visit each other.2:37
  17. On January 13th, however, one of the jets flew from Burbank to Maui, while the other flew from Seattle and stopped briefly at LAX before continuing on to Maui, presumably2:44
  18. carrying Sanchez and Bezos respectively to the billionaire's new $78 million vacation home on the island, then each jet returned to the mainland four days later.2:54
  19. Bezos appeared to visit Sanchez again on the 23rd, then four days later flew directly to Washington, D .C.3:02
  20. Bezos owns the biggest home in the district, the largest newspaper in the city, and his company Amazon is constructing its second headquarters across the river in Crystal City, Virginia,3:08
  21. so he was likely there for business.3:17
  22. But finally, Bezos finished out the month by flying back to Burbank once again, and he did all of this while threading the needle between highlights on the billionaire's social3:19
  23. calendar as just 11 days later he flew down to LA for the Super Bowl.3:26
  24. Across January, Bezos' lifestyle called for his G650s to fly 29 ,000 miles, or 46 ,000 kilometers in total, which is roughly equivalent to flying between Seattle and Sydney four3:30
  25. times.3:40
  26. To fuel this extent of travel, his jets used about 24 ,838 gallons or 94 ,022 liters of fuel, which could otherwise be used to propel the largest passenger aircraft3:41
  27. in the world, an E380, across the Atlantic from D .C.3:51
  28. to London with 500 passengers aboard.3:55
  29. But Bezos' travel is indicative of the way that market analysts think ultra -luxury travel is heading.3:58
  30. You see, two phenomena are crashing head -on to each other to throw the industry into turmoil.4:04
  31. First, more people are getting wealthy than ever, as money is becoming increasingly consolidated at the top, and second, merely wealthy people are traveling less frequently than in years past4:09
  32. but spending more than ever.4:19
  33. Data indicate that prior to COVID, Americans spent an average of $4 ,871 on a trip to Greece, but now it's all the way up to $6 ,561.4:21
  34. Airline executives have also jubilantly noted that first and business class revenue is remarkably strong despite the continued weakness in the traditionally lucrative business travel segment, mostly thanks to leisure4:31
  35. travelers opting to pay the premium for more luxurious travel at a greater rate than ever.4:42
  36. In New York City, the ultra -luxury hotel market is set to be booming, with all -time high prices and occupancy rates, and new super -premium properties opening faster than4:46
  37. ever.4:55
  38. Summer 2022 saw the opening of the highly anticipated Amman, New York, with the cheapest room starting at $2 ,600 at night, but more regularly pricing in the three or4:56
  39. four thousands.5:05
  40. Five years ago, the Amman's sister property, the Utah Desert Resort known as Amangiri, started at $1 ,400 a night, but these days that's doubled to $2 ,800 a night,5:07
  41. and even with dynamic pricing charging a hefty premium for the most attractive dates, plenty of nights are regularly sold out even many months in advance.5:16
  42. And of course, for those lucky enough to get a booking at resorts like the Amangiri, they need a way to get there so it's no wonder why 2021 saw5:25
  43. an all -time record -high number of private jet flights, 3 .3 million globally.5:32
  44. This tremendous growth was in large part enabled by the propagation of the on -demand charter business model.5:38
  45. Companies like Wheels Up, NetJets, and XO have revolutionized the industry by simplifying one -off charters of private jets, which makes the means of travel far more achievable for the5:44
  46. twice -a -year wealthy leisure traveler.5:53
  47. These private jets are serviced by fixed -based operators, which essentially act as private terminals for hire, and these are also observing record traffic, leading to more FBOs being developed,5:54
  48. which is pushing up prices for airport real estate and hangars to an all -time high as well.6:04
  49. So, as the industry has grown as large as ever, it's simultaneously more expensive than ever and more frustrating than ever to get access to a private jet.6:08
  50. Essentially, across the ultra -luxury travel segment, there's a capacity crunch.6:17
  51. More people than ever are willing to pay more for a night in a top hotel than most do for a month of rent, or more for a two -hour6:22
  52. private flight than most pay for their cars.6:28
  53. The pace of industry growth is outmatched by the growth in demand for the segment.6:32
  54. The incredible consequence is that the super -wealthy have pushed the ultra -wealthy out from their traditional stomping grounds.6:36
  55. There simply are not publicly available travel experiences expensive and exclusive enough for the wealthiest of the wealthiest anymore, so they're essentially turning to private everything.6:43
  56. Yachts fulfill this need well.6:54
  57. They allow the ultra -rich to travel on their own terms, bringing the quality of accommodations they expect to wherever they want to go, largely regardless of outside demand.6:56
  58. But where they want to go is still largely dictated by that billionaire's calendar, so each fall, as the temperatures in the med drop and the final summer events finish7:05
  59. up, a maritime migration begins.7:13
  60. Some of the super -yachts push off the dock with pair -down crews to begin the lengthy transatlantic passage under their own power, and while most yachts are capable of7:16
  61. taking on most ocean crossings, it's an expensive, impractical, and dangerous endeavor.7:24
  62. That's why these exist—yacht carrying ships.7:30
  63. These ships work year -round connecting the world's yachting hot spots, but in the fall and spring, it's all about the transatlantic migration.7:34
  64. So, at the end of the med season, a deluge of vessels descend on yachting humps like Genoa Italy and Palma de Marica Spain to load up on one of7:42
  65. these vessels, their owners paying up to $100 ,000 for the convenience.7:49
  66. Upon arrival in the Caribbean, their owners can once again access their yachts, providing convenient access to winter events like Art Basel Miami and New Years on St.7:54
  67. Barthes.8:02
  68. As with every other segment of the industry, however, the Supriya industry is growing faster than ever, meaning what was previously a refuge from the constraints of land is finding8:03
  69. itself increasingly stuck out at sea.8:11
  70. Take, for instance, a berth at the yacht club de Monaco.8:14
  71. First and foremost, it'll cost you.8:17
  72. During the summer season, a night will cost the shortest vessels $275, but if you'd like to dock the same boat during the Monaco Grand Prix, the price skyrockets to8:20
  73. over $16 ,500 a night.8:29
  74. To get one of the few spots that can fit the largest 60 or 70 meter vessels, it'll cost $73 ,000 a night, but even then, the clubhouse building blocks8:32
  75. the view of the track, so to actually see the race, this fee includes access for two to the building itself.8:41
  76. But cost is hardly the issue here.8:47
  77. Rather, it's club membership, which requires that you were first sponsored by a member, then approved by the admissions committee.8:49
  78. Once in, to secure a spot during the med season, berth reservations have to be booked months in advance.8:55
  79. But for the only event that parallels the Grand Prix in exclusivity, the yacht show, just getting a berth is only half the battle.9:01
  80. When showing your Supriya off to other attendees, the best spot to dock is here, across the way, so onlookers can take in the full profile of the vessel rather9:07
  81. than just its rear.9:15
  82. But getting these spots requires first that the yacht is too long to fit a traditional spot, and that you or your captain has a strong relationship with the event9:17
  83. directors, relationships that take years to form.9:25
  84. Navigating these busy waters is an expensive pain.9:29
  85. Supriyat ownership in general is an expensive pain.9:33
  86. Yachts don't generally get someone from one place to the next efficiently at all.9:36
  87. On the open ocean, they're generally unpleasantly bumpy rides, and yearly costs generally average around 10 % of the boat's value.9:40
  88. Yet, across the board, no matter the length, sales only continue to rise.9:47
  89. Anecdotally, the deals cut on the decks of these behemoth boats, and the valuable relationships curated at yacht club bars, are said to make the investment worth it.9:53
  90. As one new yacht owner told the New Yorker, one deal secured on board will pay it all back many times over.10:01
  91. So, increasingly, the yacht is now perceived as a necessary component of the billionaire social calendar, meaning the same way the wealthiest few are feeling about private aviation and ultra10:08
  92. -luxury hotels now extends to the yachting world as well.10:17
  93. In response, the ultra -wealthy are getting more creative.10:21
  94. Over the past five years, just as overall sales and Supriyat builds have risen, the number of Supriyats over 40 meters being refitted has nearly doubled.10:25
  95. More often than not, refitting means a visit to a boatyard for minor alterations.10:34
  96. Sometimes though, these refits are major, which reflects a growing trend, the rise of the expedition yacht.10:38
  97. With traditional waters busier than ever and the experiential economy as big as ever, billionaires are rebuilding and buying Supriyats capable of taking on more adventurous trips, be it sojourns10:44
  98. into the Arctic, or lengthy remote prowls across the Pacific.10:54
  99. At the extreme end of this trend is a former Soviet icebreaker now rebuilt as an equally tough and luxurious expedition yacht called Legend.10:57
  100. On the other, experiential yachting firms have popped up that create World War II battle simulations in the Pacific for board kids or set up temporary restaurants on sandbars in11:05
  101. the middle of the Maldives.11:13
  102. The trend towards exploration and expedition isn't just a Supriyat thing, either.11:15
  103. At the same time that increasingly numerous millionaires are pushing the ultra -wealthy away from their old stops, the interest in and social value of unique experiences is pulling billionaires11:19
  104. to services offering one -of -a -kind adventures, from up -close guerrilla safaris in Rwanda to luxurious overland treks to the South Pole.11:29
  105. These luxe petitions, as they're called, are individually curated by companies like Brown and Hudson to push their guests through bare grills -like experiences in frigid winter conditions before they11:36
  106. escape to tents with heated floors and Michelin -star -worthy food waiting on them.11:45
  107. Their goal is that the trip, in their words, is seared into the participant's memory.11:49
  108. And if the extreme outdoors isn't of interest, Brown and Hudson offer the opportunity to travel like James Bond to live a few days like someone else entirely or go11:54
  109. off on a globe -trotting grand tour.12:01
  110. For the ultra -wealthy, the options are really endless.12:04
  111. As long as it's legal, said one representative of a referral -only travel service, they'll do anything for a client.12:07
  112. But spoke traveling for the billionaire class is booming, and as long as the traveler gets a good story out of the experience, with the ability to brag about visiting12:14
  113. the Salar Yondi Desert in Bolivia or the most rural reaches of Sudan before any of their friends, they'll keep paying well into the hundreds of thousands for it.12:21
  114. But of course, the true top of the market is what we don't know about yet.12:30
  115. Increasingly, wealthy people are traveling to be seen, either in person or on social media.12:35
  116. In response, ultra -wealthy people are increasingly traveling to disappear, as reflected in the record sales of secluded $30, $40, and $50 million vacation homes in places like Hawaii, Colorado,12:41
  117. and the Caribbean.12:51
  118. We don't have a great sense of the ins and outs of the most expensive travel experiences because the secrecy is part of the premium itself.12:52
  119. By the time we do, the top of the wealth pyramid will have moved onto something else, always staying one step ahead of the merely wealthy.13:00
  120. If you want to learn more about the yachting world and specifically how builders are managing to design ever larger and more luxurious yachts, I'd recommend checking out this episode13:09
  121. of the show Ultimate Processes on CuriosityStream.13:17
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