The Wealthy Are Moving Toward Intangible Luxury Assets, Including Passports and Healthcare

The Covid-19 pandemic is profoundly changing how people around the world live, and the wealthiest are no exception.

Among those who have at least US$5 million, there has been an increase in demand for intangible assets, including additional passports and citizenships, as well as on-demand healthcare, according to the Wealth-X Global Luxury Outlook 2020 released Thursday.

Wealth-X has been publishing data and insights about the world’s ultra-high-net-worth individuals (those with at least US$30 million) and the billionaire population since 2010. This is its first report on how they spend their money.

“The wealthy’s mindset around what luxury is has changed—their priorities have shifted towards their families,” Jaclyn Sienna India, CEO of luxury travel company Sienna Charles, said in the report. “Luxury now includes a second passport, access to healthcare and the freedom to go when and where they feel safe and secure.” Read More