Wealthy couple on yacht

getty

A new report from global real estate consultancy Knight Frank shows how the ultra-rich are spending today, and the story goes beyond traditional luxury. For the wealthiest, luxury is shifting from owning single trophy assets to building a private way to live around the world. A townhouse in London, a yacht in the Mediterranean, a jet waiting in Abu Dhabi, and an Alpine home for the ski season still matter, but they now offer more flexibility and control.

This is the key finding in The Wealth Report 2026, Knight Frank’s yearly look at global ultra-wealth, and one that came through clearly when I spoke with Liam Bailey, who leads global research at the firm. “The biggest takeaway is the extraordinary mobility of wealth right now,” he told me. “The data bears that out, from tax-driven migration and cross-border property buying to growing demand for the assets that make an international life easier to manage.”

The amount of new wealth being created is still remarkable in the report. There are now 713,626 ultra-high-net-worth individuals worldwide in 2026, and 89 people reached the $30 million mark every day over the past five years. The market is not shrinking, it is growing, with more thought going into where the money is invested.

Superyacht BREAKTHROUGH sold in a record-breaking deal in 2025.

EdmistonThe Superyacht As Floating Headquarters

A good example of this change is the superyacht. Andrew Hay, former Global Head of Residential at Knight Frank and now an adviser to private families and businesses, calls it “a six-star hotel equipped with the infrastructure to run a global enterprise.” A superyacht now has a clear practical use: a private, mobile space that can host a quiet business meeting one week and a family holiday the next.

Superyacht sales bounced back strongly in 2025, with total value up 70% from the previous year to $8.5 billion; the biggest surge since the post-pandemic boom of 2021. At the high end, growth was even faster. Sales of yachts over 200 feet rose 60%, and the average asking price reached $16.6 million.

The biggest news was the nine-figure sale of Feadship’s 387-foot Breakthrough, brokered by Edmiston. Another major sale was Lürssen’s 402-foot Project Omega, sold while still under construction by Moran Yacht & Ship. Burgess is currently listing the 328-foot Moonrise, for $381 million. By mid-February of this year, 58 yachts had sold for a total of $647 million, which is a 34.6% increase from the previous year.

Luxury yachts at the Monaco Yacht Show

getty

American buyers are still leading much of the demand. Stewart Campbell, Managing Director of BOAT International, credited “adjustment in pricing” for the rebound, but stressed that U.S. demand is still the main driver. Knight Frank adds that “driven by thriving equity markets and domestic tax incentives, U.S. confidence remains the singular most vital economic engine for worldwide superyacht sales.”

Future demand to own a yacht is spreading around the world. India is emerging with wealthy entrepreneurs buying yachts to cruise the Mediterranean via Dubai and Abu Dhabi. Japan is seeing more interest as its marine infrastructure improves and regulations ease. Saudi Arabia is investing heavily in the Red Sea, aiming to create a luxury yacht destination through projects like Amaala. Indonesia, with its 17,000 islands is attracting attention, even if infrastructure and charter rules still need improvement.

Traveling by private jet makes it easier for the wealthy to manage a busy life.

gettyThe Flight Paths of The Rich and Famous

For the ultra-wealthy, having a private jet is less about showing off these days and more about meeting practical needs. It makes it easier to manage a busy life that involves different homes, businesses, and far-off places.

Knight Frank’s report, based on VistaJet data, shows these travel patterns in detail. In 2025, flights between Abu Dhabi and London rose 238%. Milan to Paris was up 66%. London to Switzerland’s Savoie region climbed 50%. Nantucket to New York jumped 192%.

Last year also saw Jeddah–Riyadh up 269%, Nice–Palma up 137%, and Farnborough–Samedan up 133%. Washington–White Plains rose 107%, Cannes–Paris 100%, Boca Raton–New York 70%, Mumbai–New Delhi 68%, and Hong Kong–Tokyo 65%.

The report shows that 47% of first-time private jet travelers in early were under 45.

getty

Long-haul routes are growing too. The fastest-expanding routes include Africa to Asia (up 42%), the Middle East to North America and South America to Europe (both up 28%), North America to Africa (up 26%), and Asia to the Middle East (up 20%).

The passengers are changing as well. Knight Frank found that 47% of first-time private jet travelers in early 2026 were under 45. Younger wealthy clients still value privacy and service, but ownership matters less. Knight Frank’s Family Office Survey shows more clients now prefer paying a premium for last-minute charters over the hassle of owning and managing their own jets.

As more wealthy people fly private between cities, a ready-made members club provides a base for dealmaking and socializing. The private club trend that started in London and New York is now reaching places like Miami, Milan, and Singapore. Private members clubs now offer wealthy consumers a sense of belonging, and access to wellness facilities more typically found in high-end clinics.

Traveling with a purpose through life-changing moments and extreme adventures.

gettyLife Changing Moments

For people at the top of the market, value is moving away from simply owning rare items. Now, what matters most is privacy, time, and unique experiences, even for those who already have it all.

“Luxury is still an appealing investment, but what counts as luxury is changing. Expectations are higher, and more buyers want experiences, not just things,” Bailey tells me.

Martin Raymond, co-founder of The Future Laboratory, also notices in the report a focus on personal transformation. “It’s often about life-changing moments, like extreme travel or a rare meeting with someone or something. There’s purpose in it. There’s exceptionalism. It’s about genuine, vital change.”

This is why a yacht is now more than just a status symbol, and a private jet is more than just a way to travel. Owning homes around the world is about being part of a global network, not just having a private getaway. The ultra-wealthy still spend a lot, but they do so with more purpose and a clearer idea of what they want.

MORE FROM FORBESForbesInside Lake Tahoe’s Billionaire Real Estate BoomBy Jim Dobson

how the ultra-rich are spending