Affluence is global and today’s wealthy individuals have a broader perspective on the world than their counterparts in past generations. A recent report by MasterCard examines this group in depth and what is important to them in APMEA, or Asia Pacific, the Middle East and Africa, where by 2017, 70% of the world’s affluent will live.
Like modern-day explorers, the affluent – defined here as those with USD $200,000 or more in investible assets – are drawn to experience the world, and their wealth becomes the means to achieve that goal. For them, a life well lived is rich in experiences, not things, that allow them to broaden and deepen their perspectives.
Such an outlook reflects a desire for balance and the MasterCard survey shows the importance of work-life balance to these individuals. Key to understanding them is their strong desire to enjoy the fruits of their labor with family. Success means, in part, having the time to appreciate the opportunities their achievements make possible.
For these new global citizens, products that cater to their aspirations of deep and fulfilling lives are essential. Top among their desires to express themselves is international travel. It allows them to gain unique experiences, reconnect with family through shared leisure activities, and unwind while creating unforgettable memories and enhanced global connections.
Because the experience itself is so key, the affluent demand something out of the ordinary that speaks to them personally and their quest for meaning. They seek ‘curated’ offerings, brought to them by companies who understand their unique needs. When touring abroad, for example, whether to iconic sites or exotic locales they prefer well-tailored offerings from the world’s top travel experts rather than a generic itinerary.
MasterCard’s research also revealed other top engagements that resonate with the values and dreams of the world’s affluent. Culinary experiences, where these individuals can explore and discover the world and expand their tastes in an authentic manner are important to them. Catering to that means not just introducing them to the finest in dining but giving them the opportunity to experience it with the world’s top tastemakers through privileged access to starred chefs and celebrated restaurants.
Golf is another passion for the affluent, not surprisingly given the demographics of this group, the majority of whom are in their 40s and passionate about health and fitness. As they reach new financial milestones and heights, affluent golfers want to enjoy better quality brands and more meaningful experiences such as exclusive sessions with golfing legends and access to exclusive world-renowned courses that they view as a reward for their hard work.
The MasterCard report paints a compelling picture of the perspective of the world’s growing population of privileged global citizens. While there are some differences in outlook across countries, the similarities in what motivates these individuals and what their passions are make them a remarkable group. Cracking the code to how they want to live their lives and understanding their deeply held beliefs about balance and meaning is essential to anyone wanting to provide the goods and services that will help them achieve their goals.
- Read a press release about the “Evolution of Luxury” to learn more on how the affluent view wealth and success.