What Do High-Net-Worth Individuals Do With Their Time?

Art, music and philanthropy are among the top 20 interests of millionaires.

What Do High-Net-Worth Individuals Do With Their Time?

new zealand photographer — Photography and travel are among the most popular interests of high-net-worth individuals.

More than 22.4 million millionaires roam the world, almost 2 percent more than a year ago. Over the next five years, that number will grow to more than 30.1 million.

So says Wealth-X, whose 2019 High Net Worth Handbook provides a glimpse into the lives of millionaires. The report indicates that New York City is the place most high-net-worth (HNW) individuals (defined as those with a net worth between $1 and $30 million) choose to live. In fact, the Big Apple has 65 percent more millionaires than Tokyo, the second highest city on the list. Overall, the U.S. is a popular place to live. Of the top ten cities HNW individuals call home, six are in the States. While millionaires are more likely to be male, the number of women on the list is growing as is the number of those who are self-made. Almost 90 percent of this group has a net worth between $1 and $5 million.

But what do these high-net-worth individuals prefer to do with their time and money? Wealth-X used a proprietary model to break down their 20 most popular interests, passions and hobbies, and what percentage of HNW individuals have an interest in those areas. In many cases, their interests reflect their careers and offer opportunities for them to continue to learn and grow.

7.4 Percent of HNW Individuals Are Interested In...

Many of the most successful people speak more than one language. Besides making it easier to communicate with others on a global scale, studies also show that learning another language makes you better at solving puzzles and improves one’s executive function.

7.5 Percent Are Interested In...

Like most people, HNW individuals have pets. Unlike most of us, some of them have not simply adopted a shelter dog or cat, but also keep wolves, lemurs or entire sanctuaries of exotic animals. Some pets are so beloved that they have inherited their owner’s millions.

7.5 Percent Are Interested In...

Politics is a popular major among HNW individuals, tenth on the list according to WealthInsight. In fact, 207 out of 530 of the 115th Congress had a net worth of $1 to $283 million in 2018. Even those not elected to public office recognize their influence. Many work to change policy.

8.9 Percent Are Interested In...

Millionaires want to spend time with family and are willing to spend money to maximize the time they have. So they’ll outsource grocery shopping, house cleaning and other daily tasks. “Secrets Self-Made Millionaires Teach Their Kids,” author Steve Siebold said, "If you love your family, get rich and give them more of your time, plus opportunities only money can buy. Figure out a way to be more efficient with your time so you have plenty to spend with them while you're doing it."

9 Percent Are Interested In...

Of course, there are HNW individuals who made their millions by performing music. But most choose to listen or play casually. Executive chairman of the Madison Square Garden Company James Dolan, for instance, leads a band on the side, JD & The Straight Shot.

When asked about preferred styles, most like music in general, followed by classical, rock ‘n’ roll and jazz. A smaller percentage of HNW individuals enjoy singing, opera, country, hip-hop and dance music. When it comes to instruments, they tend to favor guitars and piano, followed by drums and violin, with cello, saxophone and trumpet completing the list with less than 1 percent each.

9.3 Percent Are Interested In...

Many HNW individuals have a natural interest in science. According to WealthInsight, engineering is the most common college major of millionaires and computer science also ranks in the top ten. With health and wellness a top concern, medical advances are of interest.

Since 2000, developments in medicine have resulted in four pharmaceutical company stocks becoming the most successful of the year since 2000.

9.4 Percent Are Interested In...

Art collecting has long been an area dominated by high-net-worth individuals. Some choose pieces based on expected worth, others on what personally strikes their fancy. Photography is the preferred art form of today’s HNW individuals, followed by painting and drawing. Sculpture, antiques and ceramics lag considerably behind.

10.6 Percent Are Interested In...

The fourth most common college major among millionaires, lawyers are known for commanding high salaries. Lawyers with certain expertise can earn millions each year.

11 Percent Are Interested In...

The health and wellness economy as a whole is growing (7 percent annually in the U.S., and even faster in other countries), as is the number of boutique facilities that provide specialized programs. This $200 billion market includes spas, specialty foods and services such as cryotherapy to improve health and minimize the effects of aging.

11.3 Percent Are Interested In...

Real estate has long been considered a profitable investment strategy, particularly in the U.S. where foreign investors spent $150.3 billion on real estate from March 2016 to March 2017. Purchasing motives vary. Commercial purchases are driven by expected returns, while residential property is often used as a vacation destination and takes personal preferences into account.

12.3 Percent Are Interested In...

Destinations that cater to the HNW market focus on luxury and exclusivity. While some use luxury travel agencies to plan their trips, others are determined to travel on a budget. In either case, maintaining privacy and a low-profile tend to be preferred.

15.5 Percent Are Interested In...

Daily writing, whether journaling or simply setting goals on paper, helps one prioritize and stay on track. For millionaires, journaling tends to highlight lessons of the day, ideas, strengths and values.

19.1 Percent Are Interested In...

Warren Buffett claims that public speaking is the most valuable communication skill to advance your career. Speaking to groups not only inspires and helps others, it also increases one’s influence and establishes oneself as an expert. It can also be profitable — top speakers can command hundreds of thousands of dollars.

19.6 Percent Are Interested In...

Millennials account for about 30 percent of luxury consumers and this number is rising. Though the number of millennial millionaires is small, it’s a growing demographic and is driving the move to digital. Many HNW individuals earned their money through technological innovations and like to keep up with the latest developments. Seven of the top performing stocks since 2000 were technology companies.

19.7 Percent Are Interested In...

According to Chris Hogan, author of “Everyday Millionaires; How Ordinary People Built Extraordinary Wealth – and How You Can Too,” the third most common profession of millionaires is teacher. Many self-made millionaires got there by being smart about money and/or finding ways to profit from innovative ideas. Frequent readers, they realize learning is a lifelong process.

25.1 Percent Are Interested In...

The outdoor economy is growing in the U.S. In 2016 it grew faster than the overall economy, accounting for $412 billion of the GDP. This category includes any activity undertaken outdoors, such as skiing, boating, golfing, tennis, hunting or fishing.

25.5 Percent Are Interested In...

Golf is the preferred sport of high-net-worth individuals, followed by American football, skiing, basketball, baseball and tennis. (While football/soccer is the preferred sport worldwide, it falls to seventh on this list, likely due to the concentration of HNW individuals in the U.S.)

In “Secrets Self-Made Millionaires Teach Their Kids,” Siebold suggests that the sports commonly enjoyed by HNW individuals are popular because they offer more networking opportunities than those popular with the general public.

26.5 Percent Are Interested In...

Rather than piling up money in a savings account, many HNW individuals instead choose to use their money to make more money. In “I Will Teach You to Be Rich,” Ramit Sethi writes, "On average, millionaires invest 20 percent of their household income each year. Their wealth isn't measured by the amount they make each year, but by how they've saved and invested over time."

Financial matters can also be social. The World Economic Forum Annual Meeting at Davos (an annual event where business and other leaders gather to discuss and shape regional, global and industry agendas) is an annual event on the Billionaires Social Calendar.

36.4 Percent Are Interested In...

While philanthropy has long been common among HNW individuals, changes in social attitudes and “high-profile initiatives such as the Giving Pledge” have increased the frequency. While men and women give almost equally, they tend to prefer different causes. Education and social services are popular with both genders, but men are slightly more likely to support health causes while women tend to favor arts, culture and humanities, and environmental causes. Other popular beneficiaries include those dedicated to children and youth, and religious organizations.

39.4 Percent Are Interested In...

HNW individuals tend to be business owners and many earn income outside their full-time careers, often through investments or side businesses. It’s not surprising that 39.4 percent of HNW individuals they keep abreast of business trends.

This doesn’t mean they have no free time. HNW individuals simply maximize the time they do work by managing their time; they set priorities and delegate tasks so they keep control of their schedule instead of the other way around.