Have you noticed how research papers and reports try desperately to come up with a memorable phrase or catchword to ensure recall value? Here?s one that relates to how the super-rich are spending their money these days?on being ?experience extravagant? as opposed to ?material extravagant?. Translated into normalspeak, it means that the seriously wealthy are no longer interested in buying status symbols?a Ferrari in the driveway, private jets, a R30 lakh Vertu cellphone?and are opting instead for enriching, health-enhancing or educative vacations, as well as renovating their existing properties instead of buying new ones. Thus says a recent study from Spectrem Group, an American research outfit, that tracks spending habits of the global rich. The new data is a dramatic change from the 2005-08 surveys where the love for bling and big-bang items topped the shopping list of the ultra rich.

Asia-based surveys suggest that similar trends exist among Asian and Indian millionaires, where holidays in traditional ports of call like London, New York, Paris and Venice have given way to cruises to places like Alaska, the Black Sea via Istanbul, cities like Poland, Budapest, Constanta, Yalta and Koper in Slovenia, former conflict zones like Croatia and Serbia, as well as once arduous stops like Machu Picchu and the Galapagos. A bit of adventure to get the adrenaline levels up, some durable memories of unconventional, unspoilt destinations, or a rejuvenating week or so in a remote health farm or safari park, albeit cushioned in luxury, are the new highs for the high net worth individuals (HNVI) or families.

In fact, families is an operative word here, since it involves another new finding concerning the millionaire club; that they are cutting down on long working hours and extended trips abroad to spend more quality time with family and friends. Entertaining them at home has become the preferred option to throwing lavish parties in five-star locations for vague acquaintances and VIP guests. The latest research shows that those with big bucks are spending a lot of it on renovating their homes/mansions, abandoning flamboyance and large, sprawling spaces filled with expensive antiques designed for show for smaller, more practical and more intimate spaces. Olympic-size swimming pools are also being replaced by lap pools and spa areas for de-stressing as health becomes an important adjunct to wealth.

The ultra rich in India are following that global trend, according to another study conducted by Kotak Wealth Management and Crisil. They found that a significant portion of their annual expenditures goes on buying practical cars rather than flash cars like Ferrari and Lamborghini, on unconventional holiday packages, as well as home renovation to accommodate custom-built entertainment rooms or home theatres where family and friends can spend more time together. Work-life balance, it appears, has climbed sharply up the priority ladder. Significantly, they are also happier and more optimistic than their western counterparts. That comes across in another recent survey of 2,800 millionaires across Asia conducted by Scorpio Partnership, a global wealth-management consultancy which shows that high net worth individuals, especially those living in India and Indonesia, are the happiest, and most optimistic in the world.

The survey, which polled individuals with an average net worth of $1.4 million in nine Asian countries, focused on how satisfied these millionaires were with their lives. Millionaires living in India, Indonesia, Malaysia and Thailand are happiest about their work-life balance, finding time to spend with family and friends. In contrast, the rich in the financial hubs of Hong Kong and Singapore were more cautious and worried about life and growing their wealth. ?The linkage between happiness and confidence in wealth creation ambitions (in these four countries) is significant,? says the report. Asia, in fact, had overtaken Europe for the first time in the number of millionaires in 2011. According to the Scorpio report, affluent Indians are displaying some rather unique characteristics in these tough economic times. ?Their energy levels are high with a huge focus on family, health and hitting their professional goals.? However, the most ambitious with regard to future wealth growth are Indonesians, Thais and Malaysians. According to Mykolas Rambus, CEO of Wealth X, another outfit that tracks the super-rich: ?South-east Asia continues to be a major growth area when it comes to ultra high net worth individuals (those worth more than $30 million). Wealth-X uncovers new ultra rich in Malaysia and Indonesia on a daily basis.?

Going by the old adage of money buying happiness, it seems that there is a dramatic change in the definition of the word. Happiness, it appears, is no longer a fortnight at the Dorchester in London, but a tent (a luxury one, of course) in the Okavango Delta in Botswana indulging in some ?experience extravagance?. Here?s an intriguing addition to the areas that the very rich are spending their money on: storing their stem cells! Trust the rich to tick every box in risk-proofing their future.

The writer is Group Editor, Special Projects & Features, ?The Indian Express?