CNBC mentions that to be part of the world’s one percent, 871,320-dollar net worth is needed. Worth or wealth is the summation of a person’s assets, including financial and real assets, without debts. Globally, 19 million US citizens are part of the one percent. China, on the other hand, has over 4.2 million citizens belonging to the elite group.
As part of the one percent, people expect a certain way of how they live their lives. Some people call this luxurious living.
What does it mean to live in luxury?
BBC mentions that luxury is a concept usually related to materialism. It is also related to words like opulence, extravagance, and owning beautiful, rare, precious things. But the site also mentions that luxury does not always pertain to material things.
It can also pertain to a moment, one that is rare and can only be experienced by a few. Traveling is an example of luxury during the time of the pandemic. Staying at a luxurious hotel and having a luxurious spa treatment can evoke a certain feeling of relief, peace, and calmness; of course, this can only be experienced if you can afford these things.
Symbols of Luxury
When people think of luxury, some things immediately come to mind. These are symbols of status; if you have it, consider yourself part of the one percent.
In New York, the trend among the ultra-rich has changed. From combining luxury unit apartments, rich New York investors are now buying two properties and combining them to produce mega-mansions. In a city like New York, where space is priced commodity, having this kind of mansion establishes yourself as one of the richest of rich.
Celebrities have hopped in on the mega-mansion trend. One example is Madonna. This famous pop singer bought three townhouses in New York City and built a 13-bedroom mega-mansion. Her luxurious home features a dance studio, a garden, a gym, and parking garages.
Another latest trend among the ultra-rich is trophy trees. According to The Wall Street Journal, ultra-rich homeowners put hundreds of thousands of dollars worth of trees in their mansions. This is in their pursuit of creating the perfect garden in their homes.
In America, a yacht is a symbol of luxury. Yacht models vary in price depending on the size and year made; yachts can cost from $500,000 to $10,000,000.
Most people are confused about what a yacht really means. Simply, a yacht is a sailboat or a motorized water vehicle that is used for leisure purposes. Luxurious yachts contain big cabins, yet, small cabinless boats can also be considered yachts. Originally, the purpose of yachts was to hunt pirates.
Yet, in the 17th century, King Charles II found a passion for yachting for leisure; this was when it started to become a status symbol. Most luxurious yachts nowadays have a full-time staff; this includes the captain, stewards, chefs, and engineers. They usually call this a crew.
Most yacht owners spend a huge amount of money on yacht care services. This is necessary to ensure the longevity and maintenance of the yacht. To cover the cost of maintenance, most yacht owners charter their boats when they are not using them.
If you’re part of the mega-rich, though, maintenance is nothing. What matters is the luxurious experience of sailing into the open sea and feeling the breeze on your face; of course, wine and hors d’oeuvres included.
Other status symbols
The Business Insider also lists several items that have become status symbols over the years. The list includes luxury baby strollers, fancy water bottles, and even sneakers worn by tech CEOs.
A second passport can be an indication of a person’s wealth. In Greece, for example, a person can become a citizen once you buy a property in it. This is called Citizenship by Investment Programs. Through this, a person can literally buy citizenship and a second passport.
How to be part of the 50 percent
For most people, it’s almost impossible to be part of the one percent. Gaining such a massive amount of wealth needs either luck, being born with a silver spoon, or being a tech genius. Yet, if you can’t be part of the one percent, at least be part of the 50 percent. Going back to CNBC’s article, it states that $4,210 is all a person needs to be richer than half of the world’s population.
To avoid being on the other end of the spectrum, there are things you can do to maintain and even increase your wealth. This can be achieved through developing a financial plan to reach your goals.