Many aspects of life are different for the super-rich, with their hefty bank balances influencing everything from where they holiday to how and who they date. After all, certain status symbols are taken as a given when you're wealthy, from an exclusive education for your children to at least one invite-only credit card.
So what are the status symbols that can be tell-tale signs of a jaw-dropping fortune? Read on to discover the 14 luxuries that many of the world's richest people take for granted. All dollar amounts in US dollars.
The average ultra high-net-worth individual (UHNWI) in the United States owns nine overseas properties, according to 2016 research by the American International Group.
By the way: wondering if you qualify as an UHNWI? They're officially classified as anybody whose net worth is at least $30 million (£22m).
And if you have lots of home in different places you need lots of passports. The ultra-wealthy are now investing in other countries in exchange for citizenship, in what has been dubbed "black American Express syndrome". Achieved through Citizenship Investment Programs (CIPs), the super-rich can acquire passports by a range of means, including buying property and investing in enterprise projects. According to Insider, a CIP can cost anywhere from $100,000 to $2,000,000 (£74k-£1.5m).
As well as being handy for showing-off to fellow ultra-wealthies, two or three passports can provide easier access to diverse business opportunities and useful tax planning strategies.
It’s expensive to raise kids anywhere. In the US, for example, the typical mid-income family will have spent $272,049 (£200k) on their child by the time they turn 18. But for the wealthy, however, there are certain expectations when it comes to raising a child. From top private schools to full-time childcare, a first-class education is often a status symbol for the wealthiest families.
Prince George and Princess Charlotte, for example, both attend Thomas's Battersea Prep School in London, where prices start from around £20,000 ($27k) per child per year.
Being a member of an exclusive club or bar has always been a clear sign of a high-flyer. Some members-only institutions have been around for hundreds of years. The Bohemian Club, which has locations in San Francisco and Sonoma County, dates back to 1872 and invites some of the most powerful men in America to meet for an annual "summer camp" in northern California.
Details of the club's membership is kept firmly under wraps, although former presidents George H. W. Bush and Ronald Reagan are both known to have spent summers among the Californian redwoods with their fellow Bohemians. The club carries a less-than-Bohemian entry fee, however; members must pay $25,000 (£18.4k) to join as well as an annual membership fee of $5,000 (£3.7k).
In Britain alone, online dating now sparks around one-in-five relationships, with countless dating apps ready to download today. But when you're accustomed to the finer things in life, swiping through bot accounts on Tinder just won't cut it. That's why there's been an explosion in super-selective dating apps targeted towards the rich and famous.
These include elite matchmaking site Inner Circle and Luxy, a dating site which claims that 43% of its users are verified millionaires. They say you can't buy love, but maybe you can with the right app...
Got so much money that you don't actually know what to do with it? Investing is usually a good place to start. For those who really want status, buying Class A stocks in companies such as Berkshire Hathaway has become the ultimate symbol of wealth.
Why? As of 28 January 2022, the price of one Berkshire Hathaway share alone is a staggering $462,000 (£342k).
Almost all of us have a credit or debit card. The bank cards of the super-wealthy, however, are another beast entirely, often shrouded in mystery with terms and conditions kept secret. Perhaps the most famous example is the Amex Centurion Card, more commonly known as the "Amex Black Card". Named after the company's centurion logo, the card was launched in 1999 and was only available to people who were personally invited to use it by American Express.
Rumours suggest you need to spend at least $250,000 (£184k) a year on the Amex Platinum card to qualify for the Centurion. There's a wide range of reported benefits to owning the card, including a 24/7 concierge service, but it comes at a cost. The initiation fee will set you back as much as $10,000 (£7.4k) and after that there's an annual $5,000 (£3.7k) fee.
The JPMorgan Chase Reserve card is even more luxurious. Made from palladium and 23-carat gold, this invite-only card is available to banking clients whose investments with JPMorgan Private Bank total at least $10 million (£21.8m). On average, a card holder will have a fortune of $100 million (£74m).
In a world where eco-credentials are increasingly important, many of the world's wealthiest people are starting to invest in green energy and carbon offsets. This isn't just the case on the road; private jets have long been synonymous with the high life (literally), and today growing numbers of flyers are choosing to pay more to make their journeys more sustainable.
Toby Edwards, the co-CEO of private jet charter firm Victor, has said that "a sizeable number of clients are opting" to use greener aviation fuel, a commodity that can cost around $342 (£252) an hour extra. However, the private jet industry, which has boomed since the start of the pandemic, still has a long way to go before it can be considered green. Research shows that carbon dioxide emissions from jets in Europe alone increased by 31% from 2005 to 2019.
For the wealthy who choose to fly commercially, first-class is, of course, the only option. One of the ultimate status symbols used to be getting your name on the list of AAirpass, the exclusive discount programme from American Airlines.
In its original form, AAirpass provided passengers with unlimited first-class travel for the rest of their life. However, this is no longer available to new sign-ups. Now rebranded to AirPass, the program offers pre-paid fares at lower costs instead, with a minimum annual spend of $10,000 (£7.4k) required from members. Meanwhile, Amex Centurion cardholders can enjoy up to $200,000 (£146k) airline incidental fee credit every year.
From Saudi royalty to Hollywood royalty, superyachts are a must-have accessory for the world's wealthiest people. One of the world’s most expensive superyachts, the History Supreme, was unveiled in 2018 and is worth a whopping $4.8 billion (£3.5bn). Decorated with 10,000kg of gold, platinum and jewels – and with a statue made from an $88,000 (£65k) dinosaur bone in the bathroom – it's not difficult to see where this titanic price tag comes from.
For those who don't want the responsibility of owning a superyacht outright, companies such as London-based Burgess Yachts offer the chance to charter one for weeks or months at a time.
Private jets and superyachts might offer a faster way of getting from A to B but cars are still a serious status symbol for the super-rich. From classic motors to the latest electric vehicles, people with the money and garage space to spare can build collections that would make any petrolhead envious.
In a report that outlines the assets of its ultra-high net worth customers, the American International Group found the average UHNWI in the US owns a staggering 19 cars. And that doesn't include collector's items; those 19 vehicles are all in active use!
The pandemic brought most of the world's travel plans to a grinding halt – so after almost two years of staying at home, the super-rich can afford to splash the cash on an experience they'll never forget.
Luxury travel company Abercrombie & Kent is catering to the wealthy's wanderlust by curating Inspiring Expeditions, trips designed to combine "authentic adventure" with state-of-the-art accommodation. Its 11-night "Emperors and South Pole" expedition costs around £185,000 ($250k) per person, which is the equivalent of over £17,000 ($23k) a night. The trip includes a helicopter ride to a vineyard for a wine-tasting session with the founder of Abercrombie & Kent, the chance to visit a penguin colony, and overnight camping on the high polar plateau.
Exclusive concerts are an increasingly popular way for the rich and famous to show off their status. Back in 2002, a prominent investor in Texas paid $7 million to hire the Rolling Stones to play at his 60th birthday party, which is the equivalent of $10.8 million (£8m) in 2021.
Want to book your favourite singer for an upcoming bash? According to Bustle, you'll need a spare $2 million (£1.5m) to hire Beyoncé and up to $5 million (£3.7m) for a show from J.Lo.
The super-rich are often the first in line for the latest tech, which includes everything from smart home products to robots.
Take, for example, the Segway LOOMO. Born out of a collaboration between the Segway and Ninebot group with Intel, the "electronic transporter" (pictured) can travel for up to 22 miles in one charge, as well as follow voice commands. It currently retails for around $2,299 in the US, or £1,999 in the UK.
Now discover why being super-rich isn't all it's cracked up to be