Most Stereotypes About Super-Rich Not True: Report

Contrary to the popular belief, not all super-rich individuals necessarily inherit their wealth and own super yachts or private jets, says a report by Wealth-X, a global wealth intelligence and prospecting company.

Moreover, most of the stereotypes associated with such ultra-wealthy people are completely wrong, according to the Wealth-X report.

One of the common myths associated with this privileged segment of the society is that most ultra-wealthy individuals inherit all their money.

A further 16 per cent inherited their wealth and grew it through entrepreneurial endeavours.

Another stereotype associated with these super-rich people is that they all fly by private jets and own a super yacht.

However, the report said that only a small fraction of the global ultra-high net worth population possess a net worth that is high enough to afford a 30-metre super yacht, which has an average price tag of $10 million (excluding maintenance, fuel and other expenses).

"Due to the high cost of owning and maintaining a private jet or superyacht, many UHNW individuals charter these luxury crafts or travel on commercial airlines - albeit in first or business class," the report added.

It said a major myth associated with the super-rich is that a majority of them are investment bankers and are immune to economic cycles.

Among others, stereotypes included: "technopreneurs are all hoodie-wearing college dropouts in their 20s", and a person has to go to an 'Ivy League University' to be an ultra-high net worth individual.

Globally, there were 199,235 such individuals in 2013, with a combined wealth of $27.7 trillion, it added.