Guide for the Financial Elites
Lifestyle management services can help you keep your different roles in life in order. Either things or services are part of the business.
How to Handle Money Like a Maze
Time Vs. Wealth: Finding the Balance
For UHNWIs, time can be as valuable as their financial assets. With personal responsibilities and social activities, the days can quickly fill up. Other commitments may include:
- Portfolio Management: Managing multiple investments across different asset classes requires time and attention.
- Social Engagements: You can’t ignore charity events and business meetings. They often provide vital networking opportunities.
- Personal Life: Family commitments, hobbies, and self-care also require time.
Wealth-X says that UHNWIs spend 16 hours a week on average just handling their investments. But these are just averages, and they change for each person.
Learn more about insights on managing time effectively for UHNWIs in the “Journal of Product & Brand Management.”
Wealth Aggregation: Simple, Dynamic, and Secure Beyond Compare. Discover the Altoo Wealth Platform!
The Virtues of Lifestyle Management Services
Lifestyle management services can be helpful in our busy lives. This isn’t just a personal service; it’s much more than that. Some of their jobs are:- Asset Management: Whether it’s estate planning, stocks, or income statements, a dedicated advisor is available. This advisor will do your financial planning.
- Travel Experiences: From private jet bookings to luxury accommodation, they can handle your travel plans.
- Personal Concierge: Do you need to secure a table at a Michelin-starred restaurant on short notice? The resourceful team can help you in this regard.
The Payoff: Your Life, Only Better
UHNWI can save valuable time by hiring teams to do daily chores. They can do what they’re good at. To put it simply, you can pay for more free time. So, you might be able to:- Increased Productivity: With routine tasks handled, you can focus on strategic decision-making for your businesses.
- Improved Quality of Life: You have more time for family and hobbies when someone is effectively handling the daily tasks.
- Asset Growth: If you have more time, you can focus on business opportunities you might have missed before.
Market Trends of Lifestyle Management Companies
As the number of ultra-high net worth individuals (UHNWIs) grows around the world, the market for lifestyle management services is booming. These companies are meeting a very important need by providing highly specialized services like property management and VIP admission to events.
Every month, companies are getting more money from different sources, like in-app purchases and ads.
The “average revenue per unit” is a key success indicator that experts keep a close eye on. Companies keep a close eye on how much money they make from different sources, like in-app purchases and ads. They figure out how much “income is generated” from each customer by “calculating ARPU,” which stands for “average revenue per unit.”
This measure is an important part of the “revenue formula,” which is what drives the 7.86% annual growth rate. By keeping an eye on these numbers, businesses can make their services better fit the needs of very wealthy customers.
The global market for butler services was worth $647.3 million in 2022. By 2032, the market should be worth $1.1 billion. From 2023 to 2032, it will grow at a rate of 5.8% per year.
The data from Statista Market Insights shows the following trends:
- Total Revenue in the Lifestyle Market: The lifestyle market is on an upward trajectory. Its total revenue reached US$5.54 billion in 2022. The average revenue per user is also showing a constant rise.
- Projected Growth: The market is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.86% from 2022 to 2027. If this growth rate holds, the market could achieve a valuation of around US$8.50 billion by 2027.
- Revenue from In-App Purchases: In 2022, in-app purchases made a big part of the Lifestyle market’s income. They have brought in US$4.01 billion. This makes up a large portion of the market’s gross revenue.
- Revenue from Paid Apps: In 2022, paid apps in the Lifestyle category will make about $0.10 billion. This is a minor part of the total income.
- Advertising Revenue: Different types of revenue from advertising avenues within Lifestyle apps reached a to US$1.43 billion for 2022.
- Number of Downloads: The market is buzzing regarding user engagement, with approximately 4.91 billion app downloads expected in 2022.
- Average Revenue per Download: For each download, the average local revenue is about $1.13.
- Global Comparison: Globally, the United States leads in revenue generation for the Lifestyle market. It contributed an estimated US$1.899 billion in 2022.
Prominent 5 Lifestyle Management Companies for UHNWIs
Let’s analyse some of the top-tier life management companies providing services globally.
01. Quintessentially
Founded in London in 2000, Quintessentially has set the gold standard for lifestyle management. They offer personalized services to UHNWIs around the globe with a strong customer base.
Services
- 24/7 Concierge Service: If you need a last-minute dinner at a top restaurant or a private jet.
- Luxury Travel Planning: Custom-tailoured travel plans, including private tours, yacht charters, and more.
- Bespoke Experiences: From private museum tours to exclusive meet-and-greets with celebrities.
Locations
Quintessentially operates in key global cities, catering to the needs of their international clientele.
Credibility and ranking
They have won many awards and are a top choice for rich people. Magazines often feature them as a top lifestyle service.
02. Knightsbridge Circle
Knightsbridge Circle prides itself on offering an Uber-exclusive service tailored to each member’s needs. Founded in the UK, presently, they offer services worldwide.
Services
- Elite Travel Arrangements: They carefully plan all your travel, from first-class flights to top resorts
- Personal Shopping: Personal shoppers to assist you with your luxury needs.
- Exclusive Event Access: You can get access to events like the Oscars, VIP sports games, and private concerts.
Locations
Though originally UK-based, their services are now available across Europe and key international destinations.
Credibility and Ranking
With a highly selective membership, they have earned their reputation by exceeding the expectations of their elite clientele.
03. Pure Entertainment Group
Headquartered in North America, Pure Entertainment Group specializes in extraordinary experiences and luxury concierge services.
Services
- Luxury Villa Rentals: Exclusive properties in exotic locations.
- Private Jet Chartering: Fly in style with customized in-flight experiences.
- Exclusive Access to Events: Think private film screenings or a table at a sold-out gala.
Locations
Though concentrated in North America, they have a growing presence in Asia.
Credibility and Ranking
Their partnerships with luxury brands and attention to detail have put them on the map as one of the industry leaders.
04. Sigma
Sigma focuses on a comprehensive lifestyle management approach, offering services catering to personal and professional needs.
Services
- Personal Assistant Services: They’ve got you covered, from scheduling meetings to running errands, they’ve got you covered.
- Property Management: Management and maintenance of residences and investment properties.
- Investment Opportunities: Tailored investment advice and opportunities.
Locations
Based in the Middle East but offering global services, they are a go-to for UHNWIs in the region.
Credibility and Ranking
Their credibility is bolstered by industry certifications and partnerships with leading firms in various sectors.
05. The Golden Network
Based primarily in the UK and Europe, The Golden Network offers a unique focus on networking and social capital.
Services
- Networking Events: Exclusive events where UHNWIs can meet like-minded individuals.
- Investment Advisories: Access to expert financial advice and investment opportunities.
- Luxury Experiences: Special experiences that you can’t get just by paying for them.
Locations
Most of their services are UK-centric but have a growing European presence.
Credibility and Ranking
Their unique focus on networking has led to glowing reviews from high-profile members and industry insiders.
