In Search of Super Rich Customers? We Think You’ll Be Surprised…

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Luxury marketers who want to capture their share of the $234 billion that 211,275 Ultra High Net Worth (UHNW) families spend annually on fashion, accessories, automobiles, jewelry, watches, home furnishings, wine and spirits need to look far and wide based on just released research by Wealth-X and UBS.

Slicing apart data from the 2014 World Ultra Wealth Report reveals if American states were viewed as countries, 23 of the top 50 Super Rich populations would be states. The report defines Super Rich/UHNW as $30 million + in assets.

Ranked alongside countries, California would be third in the world, New York sixth, Texas ninth and Florida 12th

Illinois (17th), Michigan (19th), Pennsylvania (21st), Ohio (23rd), Massachusetts (27th), Wisconsin (28th), Connecticut (31st), Maryland (32nd), Virginia (34th), Minnesota (35th), New Jersey (36th), Washington (39th), North Carolina (41st), Georgia (43rd), Tennessee (44th), Colorado (45th), Indiana (47th), Arizona (48th) and Oklahoma (49th) show that for marketers there are significant pockets of the Super Rich in the so-called “fly over” states.

Making the point Illinois ranks ahead of Italy (18th) in UHNW population, Michigan ahead of Spain (20th), Ohio in front of Saudi Arabia (23rd), Minnesota ahead of the United Arab Emirates (37th), Washington before Russia (40th) and Oklahoma ahead of Turkey (51st), Indonesia (52nd), Malaysia (53rd), Kuwait (56th) and South Africa (57th). Going further down the list South Carolina (85th) has more UHNW households than Israel (86th) and Montana (87th) beats Qatar (88th).

The survey found that UHNWs own just under three residences (2.7) and statistics from the National Business Aviation Association (NBAA) indicate private jet users average 41 trips and over 100 flights per year for a mix of business and pleasure meaning the target is always on the move.

From a marketing perspective, in my opinion, the data means that traditional local marketing and regional marketing miss a large portion of super rich prospects. Separate research by Knight Frank and others shows dramatic increases in international residential real estate purchases, while strong sales of luxury goods in the U.S. is partially attributed to foreign visitors.

For hotels that can break their budgets by selling more of their suite inventory and booking groups, jewelers and watchmakers who are selling expensive pieces, fashion houses, automakers and such, the two key takeaways are that the Super Rich have more money and are spending more money than ever, and traditional marketing approaches probably aren’t effective in reaching this fast moving and surprisingly spread-out target.

Click here for a break down on what the Super Rich are buying…

 

# Area 2014 2013
1 GERMANY 19095 17820
2 JAPAN 14720 14270
3 CALIFORNIA 13445 12560
4 UNITED KINGDOM 11510 10910
5 CHINA 11070 10675
6 NEW YORK 9530 8945
7 INDIA 8595 7850
8 SWITZERLAND 6635 6330
9 TEXAS 6510 6285
10 CANADA 5305 4980
11 FRANCE 4750 4490
12 FLORIDA 4710 4215
13 BRAZIL 4225 4015
14 AUSTRALIA 3580 3405
15 MEXICO 3470 3365
16 HONG KONG 3335 3180
17 ILLINOIS 2905 2770
18 ITALY 2295 2075
19 MICHIGAN 2125 1920
20 SPAIN 1800 1625
21 PENNSYLVANIA 1620 1570
22 NORWAY 1565 1450
23 OHIO 1505 1455
24 SAUDI ARABIA 1495 1360
25 SOUTH KOREA 1470 1390
26 REST LATIN AMERICA 1435 1415
27 MASSACHUSETTS 1410 1345
28 WISCONSIN 1400 1370
29 SINGAPORE 1395 1355
30 NETHERLANDS 1370 1290
31 CONNECTICUT 1365 1330
32 MARYLAND 1365 1280
33 TAIWAN 1315 1245
34 VIRGINIA 1310 1250
35 MINNESOTA 1285 1240
36 NEW JERSEY 1280 1235
37 UNITED ARAB EMIRATES 1275 1050
38 REST OF MIDDLE EAST 1245 1015
39 WASHINGTON 1240 1190
40 RUSSIA 1230 1180
41 NORTH CAROLINA 1195 1135
42 ARGENTINA 1185 1110
43 GEORGIA 1175 1125
44 TENNESSEE 1145 1050
45 COLORADO 1140 1085
46 SWEDEN 1130 1070
47 INDIANA 1105 1030
48 ARIZONA 1030 970
49 OKLAHOMA 935 890
50 PORTUGAL 930 870
51 TURKEY 915 900
52 INDONESIA 875 865
53 MALAYSIA 875 840
54 BELGIUM 870 810
55 POLAND 845 800
56 KUWAIT 835 845
57 SOUTH AFRICA 835 775
58 MISSOURI 825 800
59 DENMARK 825 740
60 THAILAND 735 720
61 LUXEMBOURG 725 660
62 PHILIPPINES 690 660
63 COLOMBIA 670 635
64 NIGERIA 645 600
65 IRELAND 610 580
66 ARKANSAS 595 550
67 EGYPT 595 510
68 AUSTRIA 590 565
69 KANSAS 575 550
70 GREECE 565 505
71 NEVADA 560 500
72 NEW ZEALAND 550 510
73 DISTRICT OF COLUMBIA 540 500
74 CHILE 515 515
75 PERU 515 470
76 UKRAINE 470 440
77 PAKISTAN 465 415
78 VENEZUELA 455 435
79 OREGON 435 410
80 FINLAND 435 400
81 LOUISIANA 420 400
82 KENTUCKY 415 385
83 ALABAMA 410 380
84 HUNGARY 405 400
85 SOUTH CAROLINA 385 365
86 ISRAEL 385 360
87 MONTANA 380 355
88 QATAR 375 345
89 WYOMING 350 315
90 REST OF ASIA 330 320
91 NEBRASKA 315 295
92 MISSISSIPPI 310 295
93 CZECH REPUBLIC 295 280
94 CROATIA 285 280
95 RHODE ISLAND 285 265
96 ECUADOR 280 265
97 REST OF AFRICA 265 255
98 DOMINICAN REPUBLIC 265 250
99 GUATEMALA 260 245
100 UTAH 250 225
101 BOLIVIA 245 205
102 HONDURAS 225 215
103 IOWA 225 210
104 WEST VIRGINIA 220 205
105 HAWAII 215 215
106 NICARAGUA 210 200
107 VIETNAM 210 195
108 IDAHO 205 190
109 NEW HAMPSHIRE 195 185
110 PARAGUAY 190 175
111 IRAQ 185 175
112 OMAN 180 150
1123 KENYA 170 155
114 SOUTH DAKOTA 170 150
115 EL SALVADOR 160 150
116 KAZAKHSTAN 140 130
117 NEW MEXICO 135 130
118 VERMONT 130 125
119 URUGUAY 125 120
120 PANAMA 120 115
121 TANZANIA 120 115
122 ANGOLA 115 110
123 PUERTO RICO 110 105
124 COSTA RICA 100 100
125 BANGLADESH 95 90
126 MAINE 95 85
127 UZBEKISTAN 90 85
128 SRI LANKA 80 75
129 NORTH DAKOTA 80 70
130 AZERBAIJAN 70 65
131 LIBYA 65 65
132 TUNISIA 65 65
133 DELAWARE 60 55
134 ETHIOPIA 60 55
135 ALASKA 50 50
136 TAJIKISTAN 45 45
137 CUBA 45 45
138 OTHER PACIFIC 40 40
139 MONGOLIA 35 35
140 ALGERIA 35 35
141 MOROCCO 35 35

About Doug Gollan

I study and write about Ultra High Net Worth (UHNW) consumers, luxury travel, the business of luxury and private aviation, particularly jet cards
This entry was posted in Auto, Fashion, Home Furnishings/Shelter, Hotels, Investment, Jewelry, Marketing, private jet, Research, Touristm, Watches, Wines/Spirits and tagged , , , , , , , , , . Bookmark the permalink.

3 Responses to In Search of Super Rich Customers? We Think You’ll Be Surprised…

  1. Pingback: After Russia, What’s The Next Hot Market For Luxury? | Doug Gollan: Selling to the Super Rich — Ideas, Research and News for luxury marketers

  2. jeffrey post says:

    Doug thanks for all the info. Quite revealing. The question that I have is how does a little guy like myself get to play with the big boys? I have yet to find the right path whether it is print or web based. Look to meet these UHNW individuals so I can show them what I can do for them.

    Liked by 1 person

  3. Pingback: “I Can’t Think Of Anything To Write, So Why Not Bash Rich People I Don’t Know” | Doug Gollan: Selling to the Super Rich — Ideas, Research and News for luxury marketers

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