Yahoo Finance How Much Do Millionaires Spend on Travel Each Year?
For many people, taking that long-awaited vacation once a year is something to save up for. Not so for millionaires.
Visiting beautiful places around the world is costly for the average person. While you might scrimp and carefully budget for months ahead, they can afford to take flights on a whim.
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Millionaires are also known to spend hundreds of thousands of dollars a year on their lavish trips.
Below, experts reveal exactly how millionaires are spending their money and how much they’re dishing out on their travels annually.
They Invest In Jets and Islands
“Millionaires view traveling as more than just a way to unwind — they also see it as an opportunity to create lasting memories and embrace a lavish lifestyle,” said Giacomo Piva, a travel industry analyst and co-founder of Radical Storage. “They are pursuing distinct experiences, like leasing private jets and islands, and are willing to invest substantial sums, from $50,000 to $100,000 annually, to fulfill their passion for traveling.”
“A few of them might frequently invest over $200,000 in one journey, guaranteeing that every aspect is carefully tailored to their likes.”
Yet, he added that there is also an increasing desire for environmentally friendly travel options, leading wealthy individuals to spend large amounts of money on discovering remote locations with minimal environmental impact.
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They’re Considered ‘Lifestyle Clients’
“I have the privilege of crafting ultra-luxury experiences for an elite clientele, including high-net-worth individuals and celebrities, whom we affectionately refer to as ‘lifestyle clients,'” said LaDell Carter, founder and lead travel designer at Royal Expression Travels. “These discerning individuals don’t just travel — they curate moments that amplify the luxurious essence of their everyday lives. Our clients’ expenditures on travel are as grand as the experiences themselves. For example, securing the Mansion at the iconic Esencia hotel in Mexico starts at $30,000 per night.”
Furthermore, she said transporting a family via private jet can cost approximately $350,000 depending on the departure city, with helicopter transfers adding around $3,500 per leg.
“In the winter wonderland of Aspen, accommodations in exclusive residences across from The Little Nell can run about $100,000 for the week,” she said. “The moment guests arrive, they’re immersed in an ambiance akin to ‘St. Barths with fur’ — complete with champagne, gourmet tapas, and a live DJ to set the celebratory tone.”
They Have Exclusive Access to the World’s Most Coveted Experiences
“One of our most enchanting offerings is the underground wine cellar experience in Aspen, accessed through a secret tunnel that leads to a vault lined with the signatures of past VIPs like Kevin Hart,” she explained. “It’s a private haven where guests can savor the world’s finest wines and leave their mark among the elite.
Our adventurous spirits often find themselves in Italy, where a journey can amount to half a million dollars. This includes jet-setting in private aircraft, sailing on yachts, and experiencing the thrill of Ferrari engines on the winding roads of the Chianti region, guided by a private driving ambassador who enhances the experience with insider knowledge and flair.”
She added, “The opulence of our itineraries reflects not just in the sum spent — typically between $500,000 to over $1 million annually — but in the meticulous attention to detail and the exclusive access to the world’s most coveted experiences. Each journey is more than a trip; it is a testament to the power of luxury to transform the ordinary into the extraordinary.”
They Spend Big To Ensure Exclusivity, Privacy and Personalization
“As a private jet charter broker with nearly two decades in the luxury travel sector, I’ve observed that the spending habits of millionaires on travel can vary significantly depending on their preferences for exclusivity, privacy and personalization,” said Ricky Gomulka, founder and managing partner at JetLevel Aviation LLC. “On average, high-net-worth individuals spend approximately $100,000 to $500,000 annually on vacation travel. This range can fluctuate based on factors like the number of trips taken per year, the destinations they choose, and the level of luxury they demand.”
For instance, he explained that chartering a private jet alone can cost anywhere from $5,000 to $20,000 per hour.
“When considering the full spectrum of travel expenses including accommodations at five-star resorts, bespoke experiences, and ground transportation — spending can easily reach the upper end of this range, particularly for those who value bespoke and exclusive travel experiences.”
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