The first whims that a millionaire occurs
There are every time richer in the world.In 2020 the world number of millionaires, people with more than one million dollars, increased by 5.2 million, until reaching a 56.1 million group.Wealth has multiplied almost four, from 41.5 billion dollars to 191.6 billion dollars in 2020, according to data from the latest Global Wealth Report 2021 report, prepared by Credit Suisse Research Institute.
In Spain, for the first time, people who have more than one million dollars amounted last year to 1.147.000 people, 2% of millionaires around the world, and the forecast is that in 2025 wealth reaches 1.800.000 Spaniards.The tendency is that the number of millionaires increase throughout the planet, and world wealth increases by 39% over the next five years, until reaching 583 billion dollars in 2025.
Before the time comes when these great fortunes are launched to space as the founder of Amazon, Jeff Bezos, has done this week, with a fortune of 209.000 million dollars, they still have to go into the exclusive world of wealthy.
Because, according to Pedro Rey, Professor of Economic Behavior of ESADmiddle class you can also access an iPhone, brand clothes or a Louis Vuitton bag.“Now the very rich rich, such as Zuckerberg [Facebook founder], go in sandals and shirt, and avoid those signs that were previously used to see that a certain status had been reached.They are champion, to some extent, the non -logo movement, the one who flees from the anagrams of the large luxury brands.
"Now consume services, health or training.They take their children to schools and elitist universities, acquire private insurance, follow a very select diet, because living better is what distinguishes them from the rest, ”King continues.This trend is also observed in the purchase of vehicles, where, for example, Tesla has great acceptance within those that are pointed out or are aware of the environment and the salvation of the planet.
In fact, the president of Ferrari, John Elkann has announced to his shareholders that the launch of his first fully electric car will be presented in 2025.In addition, the Italian team has as a priority to have 60% of the hybrid cars fleet in 2022.Another of its objectives is to attract a new client profile, from the millennial collective and settled especially in Asia.Of 9.119 cars that sold last year, 485 were dispatched in China, whose figure the previous year in the Chinese market, prior to the pandemic, was 836 over a total of 10.132 units."In Asia, wealth is still ostentatious, buy jewelry, watchmaking, brands recognized such as Rolex and Omega, and high -end cars, with brands such as Ferrari or Porsche, since it is important that that wealth is seen," says Susana Campuzano,Luxury Advis Director and Director of the Strategic Management and Management Program of the IE Luxury Universe, who says there are more and more millennials that reach wealth through cryptocurrencies.
“As for preferences, there is a change in the weight of the product to experience, and towards concepts such as sustainability, discovery, such as the space trip that Bezos has just done.All this will increase, because a luxury product is acquired, but an experience is a challenge, and what prevails is evasion, experiences, ”adds Campuzano, which also points as a trend, in addition to the most exclusive summer destinationsor the acquisition of unique real estate properties, the enjoyment of the so -called Luxury Toys (luxury toys), such as yachts, water motorcycles, airplanes...
Because there is a big difference between those who come to this situation through new money, and not through an inheritance, where there are three major profiles, such as entrepreneurs, managers and athletes, according to Felipe Romero, a partner ofThe Cocktail consultancy.
In this sense, identify several needs more than products or services.First, security or protection, since they have reached a standard of living that they wish to protect, above continuing to expand it."When new to wealth is reached, the aversion to the loss of the won more than the ambition to gain more, which leads them to consume more conservative financial products," says Romero, who highlights that attitude of "defending theLand cattle ".
Another relevant element is social validation, becoming a reference: not from the recognition of its success via consumption, which would be the recognition without the social label, and which was perhaps the model of 15 or20 years ago, and was specified incertain ostentation consumption."What we see are initiatives such as writing, making donations, narrating their success story or undertaking social initiatives," adds Romero.
A clear example is that of Bill Gates, which has now achieved more social relevance with the Bill and Melinda Gates Foundation than during their stage in Microsoft.Or Bezos himself, that this week just getting off the rocket with which he went around space, felt generous and donated 100 million dollars to the NGO World Central Kitchen, of the Spanish chef José Andrés, and many other millionsto the civil rights activist and lawyer Van Jones.
This is called, explains the professor of ESADE, cover a psychological need, “to the importance of feeling different, and that others know what is being done,” explains Rey, who describes the donation of money asAnother form of consumption, "since it means that this person can afford it, and has the psychological need to signal the causes that interest you".
Most, when arriving at this select club, has undergone a great change in his life.They have not evolved as their usual environment, and to some extent, Romero explains, there is a decoupling up, and this leads them to demand and form in other disciplines, such as reading, philosophy or opera, something that theyProvide a patina of culture and allow them to establish new social relations.The acquisition of art is usually a way of entry and acceptance within the great fortunes."Art knowledge is usually a status symbol and there are more and more platform initiatives of emerging young artists," says Campuzano.
This idea also coincides with the teacher of ESADE, who points out that more and more art pieces are bought, since the simple fact that they are acquired is "a sign that there is a certain cultural level, in addition to purchasing power".And that is increasingly relevant.
