All In The Family
The ultra-affluent are spending more on their families-recognizing their role in carrying on traditions, ideas, power and, of course, wealth. It's not unusual to see clients purchase jets or vacation homes and make them accessible to extended family and friends. One company, Storyzon, writes and publishes personal biographies for prominent families that can be passed on to future generations. The University of California, Irvine, recently started a program called Financial Life Skills Retreat, which instructs the children of rich families how to deal with the responsibilities brought on by great wealth. It's also notable that the number of family offices is at an all-time high.

The Power Of Gen Y
A powerful demographic is emerging that is highly educated and tapped into the good life. Meet Generation Y-also known as Echo Boomers or Millennials-which consists of 70 million people born between 1983 and 1997. This group is comfortable with anything hi-tech and resides in the Internet universe of blogging, social networking, online auctions and text messaging. They spend about $150 billion a year, have an average disposable income of $100 per week and exert influence over another $50 billion in family purchases. This is a demanding group that knows how to research products, services and investments. They are willing to spend in those areas that lend to self-expression, such as designer clothes and cars.

The Rise Of The Medical Concierge
Wealthy clients are increasingly demanding the same level of service for their medical issues as they do with their legal and investment matters. A new medical concierge industry has already emerged that provides different levels of customization and services. For an annual fee-between about $10,000 and $50,000 for a single person-clients get access to a personal health advocate and a worldwide network of best-in-class doctors and medical experts. Most of these services are available 24/7 and can be accessed from anywhere in the world. The few firms leading the movement include Pinnacle Care, Private Health Management and WorldClinic.

The Growth Of 'Voluntourism'
Travel has become more than a leisure activity for the wealthy-it has also become a philanthropic endeavor. Ultra-high-net-worth clients are looking for memorable travel experiences that allow them to "give back" to the communities they visit. Entities ranging from museums, to non-profits, to luxury tour operators and five-star hotels are responding to the demand with a variety of offerings. Ritz-Carlton, for example, has started offering at least one volunteerism package at each of its hotels. Destinations vary depending on the provider and can include Kenya, Vietnam, Costa Rica, Peru or domestic locations such as New Orleans. Travelers may find themselves working at a conservation lodge or an AIDS hospice, teaching children to read or digging irrigation ditches. This popular travel option has not only become an exotic alternative to traditional travel, but it has also become a way for families to reinforce the value of "giving back" with their children.

Pet Spending
Dogs, cats and other pets are increasingly being treated as members of the family, and in the case of the wealthy that means they are the recipients of much spending. The number of high-end pet stores and pet-related philanthropies is on the rise and it's been estimated that 25% of the affluent have set up a pet trust. This is in addition to the money spent on pet items and services such as luxury toys, clothing, warming mats, deep muscle massage and life coaching. Affluent pet owners spend an average of $257,000 per year on their pets, according to a survey released by Prince & Associates (see "It's A Dog's Life," PW April/May 2008). Overall pet spending in 2008 was expected to increase 6% from a year earlier, to $43.4 billion, according to the American Pet Product Manufacturers Association.


Private Residence Ownership
From the time-share to the private residence club, affluent families have long enjoyed exclusive access to the world's finest properties and destinations. A new concept has emerged that is truly unique: a private real estate investment opportunity that grants members not only access to ultra-luxurious residences strategically located in the world's more sought after destinations, but a stake of ownership in the homes as well.

Knudson Estates, a key innovator of this movement, launched only a few months ago and offers a forward thinking concept that combines idyllic properties; a host of lifestyle services and amenities including incredible chefs, fine wine, concierge services, etc.; and the sharing of appreciated assets for those who are accustomed to only the best. Look for this trend to continue as the ultra-high-net-worth are no longer satisfied with the status quo in fractional residence ownership programs and will look for new opportunities to invest, while also allowing them to enjoy a level of exclusivity that exceeds all expectations.    

Kristen Schmitt is the Chief Marketing Officer of MINT, a lifestyle and concierge resource for an exclusive list of global clients. For more information visit www.inthemint.com.