It’s after work and, the city’s major shopping malls are packed with people busily scouring the shelves for the latest must-haves from Samsung to Apple, and from Gucci to Louis Vuitton. The cafes are busy as usual, and everyone’s seated at their favorite table, enjoying a cup of coffee, a shisha, or just taking in the ambiance.
But elsewhere outside the city, away from the hustle and bustle in the mall, a few residents are busy with other stuff. They are exploring new places, learning a new skill and reconnecting with family and friends.
The list of things they like most doesn’t include owning the latest iPhone or driving a shiny, new Ferrari. What they actually like is playing golf and trying out cuisines unfamiliar to their palates. Who are these people?
They are the wealthy in the UAE, China, South Africa, and other parts of the Middle East, Africa and Asia Pacific.
Over the years, the growth of the affluent population has been remarkable. By 2017, countries in these parts of the world will be the home of more than 70 per cent, or one billion, of the world’s affluent.
In the UAE, these rich people are probably 37 years old on average, likely to be married with a four-years-old and have investible assets of at least $200,000 (Dh734,600).
According to the latest research by MasterCard, which surveyed 1,000 affluent individuals, the region’s wealthy residents are changing in terms of what they want most out of life.
Unlike most average-income earners, the well-heeled now place high value on “rich experiences” over their vast collection of luxury cars or ownership of the most expensive penthouse in town.
The survey found that one in three wealthy people (33 per cent) from the UAE consider travel to be their top passion. The respondents believe that travel allows them to gain new experiences, reconnect with family and unwind.
After travel, exploring cuisines from around the world is another passion among the rich (24 per cent). About 14 per cent of the respondents prefer to spend their free time playing golf, as it allows them to recharge and connect with others.
“The affluent [in the region] are increasingly looking for things that drive personal growth and happiness, as opposed to the ownership of material possessions,” said Eyad A -Kourdi, country manager, UAE, MasterCard.
Why did the rich change their mindset? “The affluent, being financially comfortable through years of hard work, are at a stage in their lives where they can afford to reassess their values, objectives and outlook in life,” MasterCard said in a statement.
“Beyond simply deriving satisfaction from purchasing and owning luxury goods, they view wealth as the catalyst to experience the world.”
The change in mindset can also be attributed to an expanding view the rich people hold toward success and wealth. Across the Asia Pacific, Middle Eat and Africa (APMEA) region, success is increasingly being measured by the way of life, although there are variations across the markets surveyed.
