For the ultra-rich, fly fishing is one of the vital popular ways to spend time, a recent report says.
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Spending time on yachts, golf courses and the slopes of exclusive ski resorts is perhaps what first involves mind when eager about how the ultra-rich prefer to spend their time.
And while those are all in the highest ten pastimes of so-called centi-millionaires — anyone who has assets price over $100 million – other activities on the list is perhaps more surprising.
Fishing and cycling are among the many ultra-rich’s top ten favorite ways to spend their time, in accordance with recent research by wealth intelligence firm Latest World Wealth and investment migration consultancy Henley & Partners.
Cycling and mountain biking beat skiing to 3rd place, with only golf and art collecting being more popular. Horse riding rounds out the highest 5, followed by fishing in sixth place — ahead of classic automobile collecting, hunting, yachting and watch collecting.
It is perhaps hard to assume the identical individuals who spend their time buying vintage cars priced as high as $40 million (for a Ferrari 250 GTO from the Nineteen Sixties) standing in a river waiting for fish to bite or hurtling down mountain biking trails, however the activities have soared in popularity.
Back in 2000, each cycling and fishing were much lower on the list, rating seventh and tenth respectively, Latest World Wealth told CNBC’s Make It.
Amongst anglers, fly fishing was especially popular. Fly fishers’ favorite rivers are scattered all over the world, from the U.S. and Scotland to Latest Zealand, but tropical holiday destinations are also gaining fans, in accordance with the report.
“Ocean fly-fishing can also be rising in popularity. Top spots for this include Australia, the Caribbean, the Mozambique Channel, the Seychelles, and the South Pacific,” it said.
Watch collecting can also be a recent addition to the list since 2000, pushing wine collecting out of the highest ten. For a few of the ultra-rich, this implies spending as much as $1 million on a single watch, resembling those by luxury brand Patek Philippe, Henley & Partners says in an article accompanying the report on their website.
Who’re centi-millionaires and where do they live?
These individuals “are typically the founders of successful firms or the CEOs of huge multinational organizations,” the report said.
“Many centi-millionaires have their very own private jets and super-yachts. Their assets and funds are normally managed by private family offices, and so they traditionally have three or more homes that they move between all year long,” it added.
The report registered 25,490 centi-millionaires globally as of June 2022, with near 9,700, or 38%, of them living within the U.S., where five of the highest 10 wealthiest cities on this planet are situated. China, India, the U.K., and Germany round out the highest five.
The population of this group of ultra-rich people is soaring, the report says.
“Their numbers have greater than doubled over the past 20 years,” it explains. The largest centi-millionaire boom is about to happen in emerging regions like India, where their numbers are expected to surge by as much as 80% in the approaching decade.
“At around 57%, the expansion of centi-millionaires in Asia can be twice that of Europe and the USA over the following 10-year period,” Henley & Partners wrote on their website.
