4 things the super rich are spending their money on in 2022

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More than 51,000 people joined the ranks of the ultra-high net worth individuals (UHNWIs) — those with assets of more than $30 million — last year, according to Knight Frank’s 2022 Wealth Report. That’s largely thanks to soaring inventories and rising property prices during the pandemic.

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So what are the mega-rich doing with their money in 2022? Here’s a rundown of the top things super rich people buy.


According to a CNBC report, the richest 10% of US households currently own 89% of all US stocks. Consequently, many of the country’s super rich have the markets to thank for their growing wealth.

Despite the fact that 2022 has been a difficult year for stocks, billionaire investors continue to invest in them. In fact, they see it as an opportunity to buy at a discount.

So what stocks did they buy? Fintech, in particular, seems to be a popular sector for billionaires. Paul Singer of Elliott Investment Management, for example, took a roughly $2 billion stake in PayPal Holdings this year. Susquehanna International’s Jeff Yass recently added nearly 6.6 million shares of Amazon during the second quarter, bringing his company’s stake to about 15.2 million shares.

And one of the best-known billionaire investors, Warren Buffett, bought 30 million shares of Ally Financial in August, in addition to many other stocks, including Occidental Petroleum, Chevron and HP.

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Even though the booming housing market has suddenly cooled, real estate continues to be a lucrative investment for the already wealthy. That may be because nearly 90% of ultra-wealthy people have built — and maintain — their wealth by investing in real estate. The 2022 Wealth Report by Frankish Knight found that, on average, ultra-high net worth individuals own just under two-thirds of their real estate wealth and own an average of three homes.

As you’d expect, some of the most eye-popping real estate purchases this year have taken place in real estate hotspots like Los Angeles and New York. Villa Firenze, for example, is an impressive 12-bedroom, 16-bathroom mega-mansion in California’s Beverly Park neighborhood that was purchased by biotech entrepreneur Roy Eddleman last year. He puts it back on the market in 2022 and hopes to make a big profit. Who will end up buying it – and for how much – is still up in the air.

Whoever it is will be in good company, with neighbors like Adele, who bought her Beverly Park home for $58 million from Sylvester Stallone in February, and Mark Wahlberg, who recently put his house up for sale for $87. .5 million dollars.

Space travel

For better or worse, the last year kicked off the billionaire space race, with the likes of Jeff Bezos, Elon Musk and Richard Branson pouring billions into personal spaceflight programs. Bezos, for example, paid $5.5 billion to live four minutes in suborbital space in his Blue Origin ship.

There’s no sign of a slowdown in billion-dollar space travel. Jared Isaacman, who flew on SpaceX’s Inspiration4 mission last year, purchased three additional flights with the company. The first in a series of planned missions called “Polarisis slated for launch in late 2022. “We’re going to go further into space than humans have gone since we last walked on the moon,” Isaacman told ‘Today’.

Virgin Galactic also opened ticket sales to the general public in February. A 90-minute trip to space is set at $450,000 per person, and the company plans to sell 1,000 tickets for commercial flights that will begin launching from its New Mexico spaceport later this year.

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Charitable donations

The super rich don’t just spend money on themselves. Many have also pledged to donate much of their wealth to those who need it most.

One of the world’s richest men and biggest philanthropists, Microsoft co-founder Bill Gates announced this year that he would donate $20 billion to the Bill & Melinda Gates Foundation. He reiterated his promise to give away almost all of his wealth so that he would eventually disappear from the list of the richest people in the world altogether.

MacKenzie Scott, ex-wife of Jeff Bezos, is also known to have given away enormous wealth. Recently, she donated two Beverly Hills mansions worth an estimated $55 million to the Los Angeles-based organization California Community Foundation.

Indeed, these types of donations on behalf of billionaires are generous. However, critics point out that the wealthy tend to give in ways that benefit themselves and their social status, such as their alma maters and traditional arts institutions. Meanwhile, only 0.1% of the billionaire population donates to provide shelter for homeless people, and the same number donates to organizations that focus on feeding the hungry, according to a study by Wealth-X.

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