 "Most stereotypes about super-rich not true: Wealth-X Report")
Contrary to popular belief, not all super-rich individuals necessarily inherit their wealth and own superyachts or private jets, says a report.
Moreover, most of the stereotypes associated with such ultra wealthy people are completely wrong, according to a report by Wealth-X, a global wealth intelligence and prospecting company.
One of the common myths associated with this privileged segment of the society is that most ultra wealthy individuals inherit all their money.
A further 16% inherited their wealth and grew it through entrepreneurial endeavours.
Ultra wealthy individuals are those with assets of at least $30 million, the report said.
Another stereotype associated with these super-rich people is that they all fly by private jets and own a superyacht.
However, the report said that only a small fraction of the global UHNW population possess a net worth that is high enough to afford a 30-metre superyacht, which has an average price tag of $10 million (excluding maintenance, fuel and other expenses).
"Due to the high cost of owning and maintaining a private jet or superyacht, many UHNW individuals charter these luxury crafts or travel on commercial airlines - albeit in first or business class," the report added.
It said a major myth associated with the super-rich is that a majority of them are investment bankers and are immune to economic cycles.
Among others, stereotypes included "technopreneurs are all hoodie-wearing college dropouts in their 20s," and a person has to go to an 'Ivy League University' to be an UHNW individual.
Globally, there were 199,235 such individuals in 2013, with a combined wealth of $27.7 trillion, it added.
Moreover, most of the stereotypes associated with such ultra wealthy people are completely wrong, according to a report by Wealth-X, a global wealth intelligence and prospecting company.
One of the common myths associated with this privileged segment of the society is that most ultra wealthy individuals inherit all their money.
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The report said only 19% of the global ultra high net worth (UHNW) population fully inherited their wealth while 65% made their fortune themselves.
A further 16% inherited their wealth and grew it through entrepreneurial endeavours.
Ultra wealthy individuals are those with assets of at least $30 million, the report said.
Another stereotype associated with these super-rich people is that they all fly by private jets and own a superyacht.
However, the report said that only a small fraction of the global UHNW population possess a net worth that is high enough to afford a 30-metre superyacht, which has an average price tag of $10 million (excluding maintenance, fuel and other expenses).
"Due to the high cost of owning and maintaining a private jet or superyacht, many UHNW individuals charter these luxury crafts or travel on commercial airlines - albeit in first or business class," the report added.
It said a major myth associated with the super-rich is that a majority of them are investment bankers and are immune to economic cycles.
Among others, stereotypes included "technopreneurs are all hoodie-wearing college dropouts in their 20s," and a person has to go to an 'Ivy League University' to be an UHNW individual.
Globally, there were 199,235 such individuals in 2013, with a combined wealth of $27.7 trillion, it added.