The wealthy are revolutionising the luxury services industry

• The wealthy are forging a revolution in the luxury industry as they seek high quality, services and experiences
• Two-thirds say that wealth has brought them more time, but also more stress
• They see time as the ultimate luxury and will acquire services that enable them to enjoy their lives
• They plan to make greater use of services that save time such as private jets and concierges

These research reports were created in partnership with the Economist Intelligence Unit, endeavouring to bring greater understanding and scholarship to what being wealthy means in the 21st century.

The first Insight report entitled The Future of Wealth, charts the growth in different categories within G7 countries, measuring the quality of the business environment across the globe. Following this, the second report tackles the issue of 'Gender,' measuring spending power of women and the efforts of the business and commercial world to tap into the female segment. In the third volume of Barclays Wealth Insights, the focus was on how wealthy individuals consider 'Risk, Return and Reward' throughout their lives and the role that each plays in their approach to investment and planning their legacy.

The fourth and final volume concludes the series, imparting a complete and comprehensive insight into the concept of wealth as well as current global spending behaviours and trends. Published today, the report is entitled Insights: The True Value of Wealth, and shows that the wealthy are changing the luxury industry as they seek to acquire services that enable them to save time and make their lives easier.

Time is the ultimate luxury

For many wealthy people, the biggest luxury is having more time. Almost two-thirds (62 per cent) of all respondents and three-quarters (73 per cent) of UAE based respondents believe their wealth has brought them more quality and leisure time, the findings show. More than half of all respondents believe that it has allowed them to spend more or better quality time with their family. More often, wealth brings people greater opportunities in how they spend their time.

However, respondents in the higher wealth brackets are more likely to say that increased wealth has brought them more stress, according to the report. Personal safety is particularly important to the wealthy. Of those surveyed, bodyguards are widely used by the wealthy in South Africa (34 per cent), Continental Europe, led by France (32 per cent), Italy (26 per cent) and Switzerland (25 per cent), plus just under one fifth of those in Hong Kong (18 per cent). Almost one in five in the US (17 per cent) and one in ten of those in Spain (14 per cent), and Switzerland (12 per cent) plan to hire bodyguards in the future.

Buying time

Avoiding stress and saving time is encouraging wealthy individuals to invest in services that help improve their quality of life and make their lifestyles easier. By delegating their travel arrangements, purchasing and household management, they are able to share more valuable time with friends and family.

Travel time is expedited with the use of private jets. The wealthy are set to increase usage significantly around the world with over a third of respondents in Spain (37 per cent), a quarter of respondents in the US and Canada (23 per cent), Italy (26 per cent) and one in ten in Asia (Singapore and Hong Kong) planning to fly privately as they prefer this exclusivity and privacy to first-class services on airlines.

The wealthy want experiences that money can't buy

As prosperity increases around the world, luxury products are becoming attainable to more people. Today's wealthy are now striving for more than luxury products, they want something that will enrich their lives and give them an experience that will last forever, according to the research. The luxury industry is adapting to this demand by offering products that people aspire to own and services that are unique to each client.

"The wealthy have realized that money is not just about being able to purchase luxurious, branded products. Today, it is not about what money can buy but how it can enrich one's life experience." says Soha Nashaat, Managing Director and Head of Middle East at Barclays Wealth.

"Being wealthy today implies having the privilege of spending quality time with family and friends and escaping the stressful routine of everyday life."

"While wealth allows for more possibilities, the fact remains that there are only 24 hours a day, and even in the highest bracket of wealth, there is often a gap between the things that people want to do and the time they have available," says Soha Nashaat.

Luxury companies are pushing boundaries to design a product or service that adds something to their client's lifestyle. "It's not just about bespoke, it's also about creating a 'wow' factor - clients want something that is totally 'out there' in terms of design, something that no one else has," says Nicholas Candy of interior designers and development managers Candy & Candy, who was part of the Insights panel for the report. "We get to know our clients well and become so close that we often recommend everything to them, from bespoke luggage for their private jets and helicopters, to arranging an exclusive party for 100 people - a complete lifestyle."

There are also notable regional differences between the purchasing criteria that are seen as significant. While product quality is usually
regarded as the most important factor when guiding buying decisions, factors such as brand and exclusivity are seen as particularly important in Middle Eastern and Asian centres, such as the United Arab Emirates, Singapore and Hong Kong.

64% of Dubai disagree that designer clothes and other luxury goods are a waste of money.

The report is a global survey of 790 wealthy individuals , produced in partnership with the EIU that examines how wealthy individuals perceive and value wealth. It also considers the revolution in the luxury goods and services market as companies adapt their offerings to meet the demands of the wealthy. The report includes comments from a panel of experts drawn from academia, industry and financial circles who provide unique insights.