Aside from starting new businesses to expand their business empire and net worth, billionaires and millionaires spend their time on non-business activities. The wealthy devote time to socializing, charitable giving, and leisure and recreational activities. They understand how to splurge and enjoy their wealth in various ways. While average income earners manage their resources and spend brief periods of time on neighborhood beaches and playgrounds, the super-rich sail on luxury yachts and travel to high-end destinations for vacations.
The wealthy have a penchant for lifestyle living and participating in activities or hobbies that are mostly appealing to their class. “Estate living is becoming increasingly popular among high-net-worth individuals as they seek safety, privacy, tranquility, and proximity to nature and wildlife,” says New World Wealth analyst Andrew Amolis.
Here are some of the exciting recreational activities popular among the wealthy, ranging from horseback riding to boat sailing, traveling, and hunting games in Africa.
According to the Wealth-X report, sports and philanthropy are of interest to more than a fifth of the wealthy population. The Wealthy are becoming more involved in philanthropy as global awareness of environmental and social issues grows, as does interest in more civic engagement. Philanthropy is practiced by approximately 23.8% of the wealthy population.
Yachting and Sailing
Buying and maintaining a yacht is prohibitively expensive, making it only available to the super-rich. Yachting and sailing are synonymous with the tastes of the super-rich, who enjoy hanging out, relaxing, partying, and sightseeing aboard super yachts and sailboats. Living in affluence allows you to spend lavishly without blinking an eye. A luxury yacht costs about £1,000,000 per meter, according to Flying Fish. In 2021, billionaire Jeff Bezos purchased a 100-foot super-yacht for $500 million.
Sports are universally popular among both the wealthy and the poor; it is not surprising that the wealthy make time to participate in sporting activities. Billionaires and millionaires regularly participate in sports as an active leisure activity for relaxation or betting. Golf is the most popular sport among the wealthy due to its association with wealth, status, private clubs, and gambling. Polo, flying, horseracing, skiing, tennis, cycling, swimming, and automobile racing are among the other sports popular among the wealthy.
However, when it comes to soccer, basketball, baseball, and American football, the wealthy are more likely to watch and bet rather than play. According to a recent Wealth-X report, sports are the most popular hobby among the wealthy, with approximately 25.7% of the wealthy population participating in sports.
Owning luxury estates is a popular trend among the wealthy, who own expensive homes in exclusive luxury areas. The luxury estate market is now one of the world’s thriving business sectors, with strongholds in the United States, South Africa, Spain, and Portugal for a variety of reasons, including facilities, community spots (parks, playgrounds, schools, shopping centers, and more), less traffic, security, and privacy.
Traveling and vacation
Who knows how to splurge and travel to top vacation destinations better than multi-millionaires and billionaires? Most people can afford short vacations, but not everyone can afford to travel the world in a luxurious manner. The costs of high-end vacation destinations such as wildlife parks, safari lodges, top-rated hotels and resorts, and round-trip luxury train travel make it an exclusive activity for the wealthy.
Other exclusive hobbies of the wealthy include owning vineyards, winemaking, and drinking fine wines. There are many wine estates owned by the super-rich in South Africa. The wealthy are conscientious about their diet and include the best wines in their meal plans. Of course, you know that the wealthy cannot afford to drink low-quality wines for special occasions.
Owning Exotic Cars
Depending on the type and value of the vehicle, owning a car is one way to demonstrate status and wealth. Exotic cars, unlike ordinary cheap cars that are affordable to the average person, are only available to the super-rich, making them a tool for the ‘Big Boys’. Many exotic cars, such as Aston Martin, Buggati, and Ferrari, cost millions of dollars to buy and maintain. According to motor1.com, Drako GTE costs $1.2 million, while Rolls-Royce Boat Tail costs a whopping $28 million.
Hunting and Fishing
While some wealthy individuals prefer safari and wildlife parks for game hunting, others prefer fishing in designated water bodies. Hunting is not always an expensive activity, but big game (Elephants, Lions, and other big-5) can cost tens of thousands of dollars. According to Nick Bowker Hunting, hunting safaris in Africa are expensive. Sable antelope, Nyala, Kudo, and Zebra hunting costs $9000 per hunter. Cape Buffalo, Bushbuck, and Black Wildebeest are $18000 per hunter, while Warthog, Impala, and Springbok are $4000.
Many of the super-rich spend large sums of money on various works of art. Collecting high-end artwork is very expensive and only available to the wealthy. A version of Pablo Picasso’s ‘Les Femmes d’Alger’ sold for $179.4 million to an anonymous bidder in 2015. Art collectors include David Beckham, Jay-Z, Leonardo Dicaprio, Brad Pitt, Sean Combs, and Madonna, to name a few.
Owning Exotic Pets
While most people buy dogs or cats as pets, billionaires prefer exotic and occasionally rare animals. Exotic cats cost between $900 and $7,500, according to BigCat. According to Reference, Tigers consume $200 worth of meat each week, and Tiger insurance costs approximately $14,000 per year. The costs of keeping exotic animals (feeding, veterinary care, and so on) make it unaffordable for average-income earners. Nana Bediako (Jacob Ceasar), a multi-millionaire from Ghana, is one of the few wealthy people who keep big cats as pets.