From fly-fishing to cycling, popular pastimes for the super-rich

Fly fishing is one of the most popular pastimes for the super-rich, a new report says.

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Spending time on yachts, golf courses, and the slopes of exclusive ski resorts may be the first thing that comes to mind when it comes to how the super-rich like to spend their time.

And while they’re all in the top 10 entertainment for the so-called cent-millionaires — anyone with over $100 million in assets — the other pursuits on the list might be more surprising.

Fishing and biking are among the top 10 favorite pastimes of the ultra-rich, according to a new study. research work analytical company New World Wealth and consulting company Henley & Partners dealing with investment migration issues.

Cycling and mountain biking outpaced skiing in third place, behind only golf and art collecting. Horseback riding rounds out the top five, followed by fishing in sixth, ahead of classic car collecting, hunting, yachting and watch collecting.

It’s hard to imagine the same people spending their time buying up to $40 million worth of vintage cars (like a 1960s Ferrari 250 GTO) standing in a river waiting for a fish to bite or racing down mountain bike trails, but the activity has skyrocketed in popularity. .

Back in 2000, both cycling and fishing were much lower on the list, ranking seventh and tenth respectively, New World Wealth told CNBC’s Make It program.

Fly fishing was especially popular among anglers. From the US and Scotland to New Zealand, fly fishing’s favorite rivers are scattered around the world, according to the report, but tropical holiday destinations are also gaining fans.

“Ocean fly fishing is also becoming more and more popular. The best places to do this include Australia, the Caribbean, the Mozambique Channel, the Seychelles and the South Pacific.

Watch collecting is also a new addition to the list since 2000, pushing wine collecting out of the top ten. For some of the ultra-rich, that means spending up to $1 million on a single watch, such as watches from luxury brand Patek Philippe, according to a Henley & Partners article accompanying a report on their Web site.

Who are centimillionaires and where do they live?

These people “are usually founders of successful companies or CEOs of large multinational organizations,” the report says.

“Many hundreds of millionaires have their own private jets and super yachts. Their assets and finances are usually managed by private family offices and they traditionally have three or more homes that they move between throughout the year.

The report lists 25,490 centimillionaires worldwide as of June 2022, of which about 9,700, or 38%, live in the US, where five of the 10 richest cities in the world are located. China, India, the UK and Germany round out the top five.

The report says that the number of this group of super-rich people is growing rapidly.

“Over the past 20 years, their number has more than doubled,” it explains. The biggest boom of hundreds of millionaires is expected in developing regions such as India, where their number is expected to grow by 80% in the next decade.

“Roughly 57%, the growth in the number of centimillionaires in Asia will be twice as high as in Europe and the US over the next 10 years,” Henley & Partners wrote on its website.

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