The attributes of ultra-wealthy people that luxury marketers need to know

While this exclusive cohort represents a tiny fraction of the global population (significantly less than 1%), luxury brands that can engage this group will reap the dividends.

That starts with understanding the demographic’s key attributes. At relevance, UHNWIs are our specialism; the below insights are based on our original research.

Demographics: Mostly male (for now)

According to the 2024 Knight Frank Wealth Report, the number of UHNWIs grew by 4% in 2023, with an estimated global population of just over 626,500.

Males still make up the lion’s share of the group at 65%. But the number of females in the category is growing and now stands at 35%.

UHNW philanthropy is growing

According to a report by Altrata, the world’s richest people gave US$190bn to philanthropic causes in 2022.

The growing number of female UHNWIs might explain the increasing interest in philanthropy among the super-wealthy, as women are sometimes cited as more philanthropic.

And with growing global financial inequality and pressing environmental issues, luxury brands can tap into this growing desire to give back.

Premium influencers and content

Our research shows that UHNWIs follow like-minded wealthy individuals, including Bill Gates, Elon Musk, Marc Andreessen, Sam Altman, Reid Hoffman, Richard Branson, Tim Cook, Joe Biden, Barack Obama, Jeff Bezos, and Bill Clinton.

Top media publications that UHNWIs actively engage with include The New York Times, The Wall Street Journal, The Economist, Tech Crunch, Forbes, Huff Post, The New Yorker, Financial Times, Bloomberg, Time, and Vanity Fare.

These publications should be the first port of call for sponsored content, PR outreach, and paid media campaigns.

On social media, our research shows that UHNWIs are prevalent on a wide variety of platforms, including Medium, LinkedIn, TikTok, Spotify, Soundcloud, Pinterest, Telegram, WhatsApp, YouTube, Facebook, Instagram, Twitch, Snapchat, Discord, and X.

Their other interests are wide and varied. Among their top interest categories are movies and TV (44%), business and industrial (26%), technology and computing (19%), sports (15%), travel (13%), society (11%), reading (9%), finance (8%), law, government and politics (9%), and investing (5%).

Less materialism, more exclusivity?

As a younger generation of UHNWIs emerges, we’ve seen a shift away from materialism and towards a greater emphasis on authentic and memorable experiences.

Outside the home, UHNWIs can be seen at exclusive golf, yacht, and country clubs.

UHNWIs now seek private access to exclusive destinations and carefully curated VIP events and experiences, accessible to a select few. Luxury membership strategies can help brands tap into this.

Ultra-luxury vacations

On holiday, UHNWIs can be found on private islands, luxury superyachts, exclusive ski chalets, and ultra-luxurious villas, all of which afford the utmost privacy and security.

“Our work in the luxury travel industry, including with some of the world’s leading superyacht brokerages, has enabled us to see first-hand the lifestyle and vacation destinations of UHNWIs, who now increasingly crave remote and hidden locales,” explains my colleague Rumble Romagnoli, chief executive and founder of Relevance.

“The yachting industry has grown significantly in the past decade, fuelled by the desire of UHNWIs to enjoy highly exclusive and private experiences tailored precisely to their needs. These ultra-luxurious vessels are also tapping into UHNWIs desire for health and wellness, with state-of-the-art wellness centers that rival the world’s finest hotels.”

Who influences the ultra-wealthy?

Friends and family influence UHNWIs the most (67%), followed by social media (51%), online ads (43%), and brand name (41%).

Since they are more likely to be influenced by friends and family than social media and online ads, luxury brands can benefit from fostering a sense of community and providing impeccable service to ensure their clients recommend them to other wealthy individuals.

Social media and online ads, meanwhile, should adopt a ‘soft-sell’ approach with content that focuses on these key attributes.

The wealthy are not spur-of-the-moment shoppers

According to our research, the super-wealthy are more likely to respond to carefully crafted campaigns and targeted ads than the general population, and they are much less likely to make spur-of-the-moment purchases. Luxury brands, therefore, must carefully nurture relationships with this group via highly considered campaigns.

They’re on their mobile phones, a lot

Like all of us, the ultra-wealthy now consume much of their online content via a mobile device (70%). As a new, younger generation emerges, this exclusive cohort is more global and technologically savvy than ever.

While luxury brands have been slower to embrace digital transformation, prioritizing offline channels, it is now vital that luxury brands embrace the latest technologies, ensuring a flawless end-to-end user experience across multiple digital touchpoints and a fully mobile responsive website.