Being super-rich

[00:00.40] Do you consider yourself to be rich? Do you have plenty of cash and no financial worries? Or maybe, like me, is it something you can only dream about?

[00:09.70] For most of us, the closest chance of becoming a millionaire would be to win the lottery but if you don't buy a lottery ticket, are there others ways of becoming super-rich?

[00:21.92] A 'super-rich' person is often defined as someone with over $30 million dollars of assets – so it's not just about having a suitcase stuffed full of banknotes!

[00:31.75] They usually own property, an expensive yacht or eat in swanky restaurants.

[00:36.79] And there appear to be more and more of these people, as it's reported that the number of super-rich is expected to increase by 43% over the next decade.

[00:47.68] If you save your pennies, make the right investments and work hard, could you be one of them?

[00:54.06] It's unlikely because a report last year highlighted inequality in the world, saying the richest 62 individuals owned as much as the poorest 50%.

[01:03.62] But for those lucky ones who are loaded, what is it that they splash the cash on?

[01:09.73] One academic in the UK, Emma Spence, has been researching just that - and her answer is yachts!

[01:17.16] It's the ultimate status symbol but she also says "a superyacht is essentially a black hole of wealth" – in other words, it continually eats your money and doesn't increase in value like an art collection might.

[01:31.51] But if you've got the spare cash, why not have one! It's an excuse to show off your wealth and position in society.

[01:39.22] Interestingly, Emma Spence found that the size of someone's yacht shows their place in the pecking order.

[01:45.85] This is a good example of conspicuous consumption – buying something so someone else notices.

[01:53.56] In the past you may have expected to find a super-rich, yacht-owning, billionaire to live in developed countries like the USA but now the wealthy can be found hanging out in most corners of the world.

[02:06.57] According to a report by Knight Frank, Vietnam is the country expected to have the fastest growth of super-rich over the next 10 years – an amazing 170% increase.

[02:18.79] If all this makes you feel poor, remember that being wealthy doesn't necessarily make you happy.

[02:24.90] You don't have to waste time worrying about what to spend your money on.

[02:29.15] And you can feel rich in other ways by having good friends and family, good health or just a happy life - things that don't cost the earth.

[02:38.18] And if you really want a yacht, how about a toy one to play with in the bath?! How rich do you feel today?