Ultra-rich splash $8bn a year on alcohol

The world’s most affluent people spend US$8 billion on alcohol every year, according to the Wealth-X and UBS World Ultra Wealth Report 2014.

The Wealth-X and UBS Ultra Wealth Report 2014 analyses the world’s wealthiest population comprising individuals with net assets of more than US$30 million looking into regions, countries, wealth tiers, gender and between old and new money.

It revealed that the average ultra-high net worth individual (UHNW) spends US$1.1 billion on luxury goods, 10.1% of which goes on wines and spirits.

“We estimate that these individuals are responsible for almost 19% of the entire luxury market – higher than the 17% share of the market they accounted for last year,” the report said.

“Their increasing importance in this sector is partly due to the fast growth in UHNW population and wealth, which saw their average net worth and liquidity rise.

“Furthermore, demand for luxury good and services from high net worth and mass affluent individuals seems to have ebbed a bit in the last year, while UHNW individuals have not modified their purchasing patterns significantly.”

Earlier this year, a charity estimates that the average Brit spends almost £50,000 on alcohol in their lifetime.