Investors worth $25 million or more are more likely to donate $100,000 to charity than spend it on jewelry, collectibles, boats or other discretionary items, according to a Spectrem study.
The survey, $25 Million Plus Investor 2012, showed that 20 percent of the ultra-high-net-worth individuals polled gave $100,000 or more to charity over the last 12 months, while 10 percent gave $50,000 to $100,000 and 16 percent gave $25,000 to $50,000.
Next to charity, the individuals were most likely to spend large sums on travel, with 13 percent spending $100,000 or more in the last 12 months; 10 percent spent $50,000 to $100,000 and 22 percent spent $25,000 to $50,000, according to the study by Spectrem Group, a research firm that specializes in the high-wealth sector.
About three fourths spent their travel money visiting friends and family and 65 percent on educational travel. Exotic vacations were a priority for 59 percent and 57 percent went on cruises.
The research shows that more than half of the respondents spent less than $10,000 a year on clothing, collectibles, club memberships and jewelry. They also spent relatively small amounts on political contributions and gambling and were least inclined to spend money on a yacht, according to the study.-Karen DeMasters