You could have more in common with the average rich-lister than you think, but also some pretty significant differences, a new report reveals.
Wealth information business Wealth X’s latest report, UHNW Interests, Passions and Hobbies Study, has revealed that while business is the most common hobby among those with US$30 million or more in wealth, with 56.9 per cent of UHNWIs listing this as an interest, while philanthropy received 38.6 per cent. Meanwhile, only 5.0 per cent are into religion and languages.
Interestingly, just 6.1 per cent consider law a hobby.
By age, those under 40 are most interested in sports (50.4 per cent), business (48.7 per cent), technology (29.6 per cent) and philanthropy (24.3 per cent), and – out of their top 20 hobbies – were least interested in fashion (10 per cent), film (9.9 per cent), aviation (9.3 per cent) and reading (9.0 per cent).
By age group, the youngest UHNWIs were also the most interested in family (16.7 per cent).
For those between 40 and 70, business, sports, philanthropy and finance were again the most popular – as they were with the 70 and older cohort, but public speaking, aviation and education also made the top 10.
Health and wellness, vehicles, economics and writing rounded out their top 20.
Among the oldest UHNWIs, the outdoors, art, politics and real estate also made the top 10.
“The changing importance of each UHNWI can be observed between young adulthood, middle age, and old age,” Wealth X said.
“Philanthropy increases in old age and interest in sports declines, as one would expect. However, some trends seem counter-intuitive: real estate as an interest increases in old age and family reduces.”
Splitting the figures by gender reveals that while men and women both share an affinity for business and philanthropy, women are more into art (24.1 per cent) and men are more into sports (35.6 per cent).
“Gender differences in interests and hobbies follow somewhat stereotypical lines with the greatest differences between the sexes in sports, art, fashion and animals,” Wealth X said.
While family comes fifth for women, it comes 14th for men, with a love of the outdoors instead taking that spot.
Golf was the most popular sport, with 26.6 per cent of UHNWIs who like sports listing it as a hobby, followed by soccer (15.3 per cent) and skiing (14.1 per cent).
Running was the least popular hobby at 0.5 per cent, just behind badminton (0.8 per cent) and lacrosse (0.7 per cent).
“Sports showed an eclectic mix of universally popular activities but also some culture or region-specific. Aside from the global common denominator of football/soccer, the top ranking golf, skiing and tennis make up the trinity of traditional ‘rich’ sports,” Wealth X said.
As far as animals went, horses were the most popular, with 36.9 per cent of those who like animals citing a fondness for them.
They were followed by man’s best friend – dogs – at 33.0 per cent, “far eclipsing the popularity of their traditional rival cats”.
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