1. The Money Divide

“Someone who has $5m lives a very different life from someone who has $50m,” Winston Chesterfield, founder of British luxury consultancy Barton, told Stylus. These differences are increasingly visible amidst inflation, as millionaires adjust their spending to minimise wealth loss, while multimillionaires remain largely insulated from rising costs.

2. Top-Tier Home Amenities

Post-pandemic, wealthy consumers are embracing at-home leisure. They’re flocking to elite apartment buildings and residential complexes, which host expert-led social events or educational classes, connect them to like-minded individuals or boost their quality of life. These trends tie into the second-home boom we explore in Meet the Anywhere Citizens.

3. Emerging Assets & Passion-Based Investments

While stock market returns remain uncertain, wealthy individuals are re-examining their asset mix. Some are opting for riskier untested investments (including pre-IPO stocks and crypto). Others are prioritising their lucrative interests, such as art, handbags, and even space exploration.

4. Modernising Elite Brands

Savvy companies are launching services that court modern sensibilities. Watch brands are flexing their appeal with minimal-cost repair and refurbishment, co-creation contests and own-brand resale platforms. Meanwhile, America’s Goldsainte brings luxury to ride-hailing with exclusive cars, and even eBay is positioning itself as a platform for high-end resales.

5. Whispered Wealth

“Quiet luxury” has become a buzzword, fuelling mainstream fascination with the fashion and lifestyles of the extremely rich. Simultaneously, wealthy consumers are shifting their preferences away from the aesthetics discussed in conversations about “stealth wealth” and opting for well-worn and second-hand luxury goods instead.

6. Mega-Rich Activists

With research showing that an individual’s carbon footprint increases exponentially with their net worth (due to travel, larger homes and higher levels of consumption), 66% of global ultra-high-net-worth individuals (UHNWIs) believe it’s important to use their wealth to advance a zero-carbon future and combat climate disaster (Taylor Wessing, 2022). Cue an interest in impact investing and services that help distribute individual wealth to underprivileged communities.

7. Haute Health

Clinically rooted longevity therapies and hyper-personalised preventative medicine are the global elite’s health must-haves. New clinics offer bleeding-edge services targeting everything from hormonal health to body composition. Upscale apartment buildings are leaning into wellness perks with shamans-in-residence and zen meditation gardens.

8. Changing Wealth Landscapes

Luxury industry’s growth will prioritise the Middle East, China and India – a trend driven by regional investments and burgeoning leagues of well-off consumers (see Key Stats). Savvy brands must embed themselves into local culture with smart retail strategies, regionally appealing brand ambassadors and limited-edition collections. Stay tuned for our report New Geographies of Wealth.

9. Premier Members-Only Enclaves

Private hangouts are booming, and while some are loosening requirements, others have tightened accessibility. Expect to pay a $200,000 fee to join luxury hotel group Aman’s New York-based club. Opulent interiors are a pull for spaces like Apollo’s Muse in London. For more, see The Future Members’ Club.

10. The Allure of Privilege

Increasingly, luxury conversations and interest in high-end goods are driven by non-core consumers. Young people flock to social media for tips on “dressing rich” or buying hyper-realistic dupes – an appetite the entertainment industry feeds with TV and films that simultaneously uphold and criticise the ultra-rich.