Here's how much America's affluent really spend on vacation

Richard Branson vacationLinkedInWhen it comes to vacation, America’s high net worth individuals aren’t trying to keep up with the Bransons.

America’s high net worth individuals (HNWI) are going on more than six vacations a year, but they’re not spending their hard-earned cash on first-class tickets to Europe.

That’s according to a new study by BMO Private Bank, which notes that the average affluent American (those with over $US1 million in investible assets) spends a total of $US13,249 a year on leisure travel.

Here’s how — and where — they’re spending it.

  • Spending per trip: On average, HNWI shell out $US2,902 per vacation. Floridians, however, go all out, spending an average of $US12,606 per trip (they go on four trips per year, according to the study).
  • First-class or economy: Sixty-seven per cent of participants said they choose to fly economy, while the remaining 23% pay extra for first class.
  • Destinations: HNWI don’t necessarily love Paris in the springtime, as the song goes. BMO reports that 89% of affluents prefer to travel in the United States. Second to the US is Europe, followed by Canada, Asia, Mexico, Central and South America, and Australia.
  • Hotels: According to the data, 69% said they opt for four-star hotels. Twenty-four per cent seek out all-inclusive resorts.
  • Seasonal preferences: The spring and fall are the top travel seasons for affluents. Only 17 per cent of the well-to-do said they travel during the holidays.

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