Super-rich love yachts, pvt jets and antiques

Written by Press Trust of India | London | Updated: Nov 11 2013, 15:13pm hrs
YachtBillionaires' biggest luxury holding is yachts, followed by private jets, art and other categories including antiques, fashion and jewellery.
An average billionaire has four homes, with each one worth nearly $20 million, and the most common luxury holding for them is yachts, followed by private jets and art, says a survey.

Globally, 87% of billionaires are male and the average wealth of billionaires is $3 billion, while the average wealth of a female billionaire is slightly higher than that of the average male at $3.2 billion, according to the Wealth-X and UBS Billionaire Census 2013.

An average billionaire has two children. About 15% of all billionaires have four or more children, with one West Asia billionaire pushing up the average with a staggering 24 children.

The average billionaire has a liquidity of 18%, equal to $545 million in cash and other liquid assets per person, suggesting that the old mantra of cash is king remains as relevant as ever.

A breakdown of the average billionaire wealth shows that 42% of their net worth is in private holdings, 35% in private common stock, 18% in cash and others, 3% in real estate and 2% in luxury assets, the report added.

When it comes to education, 68% of billionaires have at least a bachelor's-level degree, above national averages in even the most educated countries.

Harvard University has the largest pool of billionaire alumni. The UK's Cambridge University is the only institution in the top 10 list from outside of the US.

Billionaire hotspots such as Singapore, Switzerland and Hong Kong are the most favoured destinations for the ultra rich.

The total luxury holdings (excluding real estate) of the world's billionaires is estimated to be $126 billion, or an average of $58 million per billionaire.

Billionaires' biggest luxury holding is yachts, followed by private jets, art and other categories including antiques, fashion, jewellery and collectable cars, the report said.

The richest and most powerful group of people in the world move in tight social circles and many congregate year after year at the world's most exclusive events, usually known for their glamour, extravagance, political significance, or all three.

These range from the likes of the annual World Economic Forum at Davos, Switzerland, where wealthy business and political leaders meet to shape and improve the state of the world, right through to the yearly Cannes Film Festival, synonymous as a fabulous melting pot of the world's glitterati.