In our previous article, we explored the costs of premium goods and services with our Lifestyle Index – but tracking these prices is just one way of evaluating the lifestyle of the high-net-worth demographic. How have their habits and outlook changed in the past 12 months, and what do they expect in the future?

Now in its second year, our Lifestyle Survey aims to answer these questions by looking at the lifestyle and consumption trends of HNWIs in Europe, Asia Pacific (APAC), the Middle East, Latin America, and North America.

This year we see that wealth continues to take on a broader meaning for HNWIs: it is no longer only about financial health, freedom, and security – but also physical health. In this article, we touch on select points from the Survey results – with the full findings available via the download above.

Health: our most valuable asset

Having come through the pandemic, respondents to our Survey listed maintaining their and their families’ health as one of the top priorities. Improving nutrition, taking time to recuperate and relax, and raising fitness levels have all been highlighted. More than half of respondents in all regions have used gym memberships in the past year, and in Europe and APAC one in four exercised almost once a day. Personal gym equipment is also high on the list, with home exercise being particularly popular in APAC.

Let the good times roll

Taking care of family and health does not mean that HNWIs just want to stay at home. After several years of being constrained in what they can do and where they can go, they – like everyone else – are ready to enjoy themselves.

This means increased demand for entertainment, hospitality, and social experiences. They also want to treat themselves to luxury goods and premium services, as well as racking up air miles in a pronounced return to the skies. We see that spending on hospitality (gourmet meals and five-star hotels) has risen in all five regions surveyed in the past 12 months, and is particularly strong in APAC and the Middle East.

A world on the move

With travel restrictions no longer an issue, HNWIs around the world are on the move again. Travel for both leisure and work is on the up and respondents are increasingly spending on flights.

This trend is particularly strong in APAC and the Middle East – 62 per cent of Middle Eastern respondents spent more in the past year. The frequency of leisure travel has also increased significantly, led by APAC, Europe, and the Middle East, and demand looks set to remain strong for the next 12 months.

Sustainable growth

With strong evidence to suggest that human encroachment and impact on nature are the causes of a growing number of life-threatening hazards, are people prioritising sustainability more highly than before? Yes, but, there is a noticeable ‘say-do’ gap between intention and action.

While sustainability is seen as an important investment topic, as shown above, it does not appear to play a big part in most HNWIs’ daily purchasing decisions; enjoyment, distraction, product innovation and design are bigger influencers here. Europe and North America are markedly less focused on living sustainably than other regions, while the Middle East emerges as the most eco-conscious – 56 per cent try to buy products made from sustainable materials, while around half try to use renewable energy when possible.

Financial health

Finally, we should look at the financial habits of HNWIs globally. In perhaps a reflection of post-pandemic uncertainty, people are taking the opportunity to invest more, with very few investing less than in previous years. Again, the Middle East and APAC lead, with 67 per cent and 73 per cent of respondents doing so respectively. More insights on the investment habits of high-net-worth individuals can be found in our full report.

A contradictory outlook

Overall, the broad picture is one of cautious optimism. People are mostly spending more, travelling more, and taking care of themselves, but they are also preparing and investing for the future, and considering the impact of their decisions. Family, health, and resilience are the top priorities for good reason. As the world grapples with the legacy of the virus, an unpredictable financial outlook, and a war being waged in Europe, it is more important than ever to have a plan for both family and finances. We should enjoy today, but must also be prepared for whatever tomorrow might bring.

Explore the full Survey results in the report.