- Stealth wealth is flowing into the travel industry as the wealthy increasingly shun glamorous destinations such as Capri for more discreet holidays.
- High-profile events are losing some of their luster as more events choose remote locations for mental health and family connections.
Experience heli-skiing on the unexplored snow of Antarctica for $2.2 million.
A polar bear safari in a “no-go” area of Norway's Svalbard Islands costs $300,000.
Want to track snow leopards in the Himalayas with a famous explorer for $100,000?
These expensive travel experiences are indicative of the “quiet luxury” trend that has begun in the fashion world, where timeless lines trump branded statement clothing.
Stealth wealth is currently flowing into the travel industry as the richest 1% increasingly shun glamorous destinations like Capri in favor of more low-key vacations.
Less spotlight, more connections
Jaclyn Siena India, founder of ultra-luxury travel company Sienna Charles, said she considers herself a longtime disciple of quiet luxury.
While some may prefer the boulevards of Paris or the beaches of Monaco, she escapes once a year to Ho Chi Minh City, Vietnam.
Monaco has long been a playground for the elite, but wealthy travelers are increasingly opting for more remote destinations, luxury travel advisors say.
She said clients are focusing more than ever on family, well-being and mental health “because the world is becoming more stressful.” As a result, when they travel, they seek connection rather than the spotlight.
But another important aspect of the quiet luxury movement concerns security. India said that high-profile events like the Super Bowl are less appealing because celebrity homes have become targets for thieves these days.
As a result, customers are seeking far-flung destinations, often with immediate notice, she said.
“I just booked a villa for a billionaire family on an island in Brazil. Brazil is not a place that immediately comes to mind… but for me, this is a place that still has authenticity and soul. Good food and great There’s a spa, and there’s a wellness culture,” India said.
Jaclyn Siena India said she recently booked a trip to a remote Brazilian island as part of her “billionaire family,” even though Brazil is not “a place that immediately comes to mind.”
Africa is also a place where clients can seek solitude, she said. She said it was former U.S. President George W. Bush's choice to accompany him on a carefully planned personal trip to Ethiopia in 2015.
Exclusivity and privacy
Roman & Erica is a luxury lifestyle company owned by husband and wife Erica Jackowitz and Roman Chiporukha. Jackowitz, a New York City native, compared the quiet luxury to the understated elegance of cashmere and contrasted it with the 1990s trend of “wearing Chanel on your chest.”
Jackowitz manages the lifestyle needs of 30 families, ranging from politicians and technology company CEOs to hedge fund executives, she said. For them, she says, quiet luxury travel is about exclusivity and privacy.
Africa is also a popular destination for wealthy travelers seeking solitude, Siena India said.
But the pandemic has accelerated the desire for meaningful experiences among wealthy travelers. Her desires, she said, range from her requests for recommendations for places to go for a quiet morning hike to organizing a tennis match with Roger Federer.
next frontier
Doing business for the ultra-high-net-worth segment brings new challenges: availability.
According to a 2023 Henry & Partners report, there are 28,420 centimillionaires worldwide. This is people with investable assets of at least $100 million. This is nearly 12% more than projected for 2022 and double the amount that existed in 2003.
Erika Jackowitz of Roman & Erika says yachting is more popular than ever because “more people…can afford this type of experience.”
Jackowitz said his clients would never choose a traditional cruise, preferring to charter a private yacht.In fact, she said Lately, the charter market has been booming and we were unable to secure a last minute reservation.
“You'll now be competing alongside 10 other people who are traveling with friends and family,” she said. “There are so many other people out there who can afford an experience like this.”
As a result, wealthy travelers are seeking solitude in new places.
“As the world becomes more stressful, high-net-worth clients are focusing on family, wellbeing and mental health more than ever,” Sienna India said.
The next frontier? Space, she said.
Roman and Erica secured a spot on the first fully private astronaut mission for their client for $50 million, she said. Space travel is so popular that Cipolka created a separate organization, her SpaceVIP, to meet that demand.
Next year, Space Perspectives plans to begin a six-hour journey to the edge of space in a spherical capsule. The Florida-based company says 50% of its bookings so far are for full capsules for eight people. The price is $1 million.
