Although comprising a small percentage of the consumer market, ultra high net worth individuals (UHNWI) are one of the most coveted demographics in the world.  Over 33 million people worldwide fall into this category, enjoying a combined wealth of more than $61 trillion.

As such, marketer within certain niches in industries will naturally prioritise a UHNW client over others, given that their spending power is much larger. Whilst we all want to get a billion-dollar client under our belt, most people have very little understanding of how to effectively engage with society’s wealthiest individuals.

Their background, motivations, and needs are often significantly different from the rest of society, meaning that a different approach is required. Here are the five golden rules for marketing to UHNWIs.

1. Digital Marketing Works

When it comes to luxury items, in particular, many marketers think that digital messaging is less effective and that the ultra-wealthy prefer a more personal touch. However, this is rarely the case. A full 98% of UHNWIs access the internet on a daily basis and there is no evidence that they are less receptive to digital marketing than anyone else. There are certain areas to stay away from, such as automated emails, but the rest is fair game.

2. Know What They Actually Want

Before you can engage with a UHNWI, you need to know how they actually spend their money. Fortunately, there is plenty of research to back this up. A2Z Casino’s round-up of how jackpot winners spend their millions has shown that the newly wealthy prioritise property, recreational travel, and luxury automobiles above almost any other good, often spending over £1 million on properties alone. This should give you an insight into what UHNWIs value.

3. Location is Key

The rich may be known for being incredibly mobile, but they tend to congregate in certain areas. Anyone wishing to engage them should know exactly where to find them, for both physical and digital marketing strategies. The cities with the highest concentrations of UHNWIs are New York, London, Hong Kong, Moscow, San Francisco, and Paris, among others. These are the places they will spend most of the year, which is why these cities are synonymous with luxury brands and companies.

4. Understand the UHNWI Attitude to Money

You will not be able to effectively market to the 1% if you don’t understand how they view money. They are, of course, happy to splurge on non-necessities. However, they are less inclined to take financial risks and will likely consult with professionals on any major purchase. Therefore, your messaging must take this into account and have a narrative which appeals to the cautious and prudent attitudes of the wealthy.

5. Be Patient and Discreet

As mentioned, UHNWIs are a wary bunch. Securing a large sale will likely take a long time, possibly even months. There are busy and they rarely, if ever, purchase or invest on impulse. You will need to be patient, understanding, and always happy to see your wealthy clients. Furthermore, discretion is key, and should be highlighted in all of your marketing materials. The wealthy value privacy and will want to be sure that their dealings with you will remain out of the public eye.

Once you understand these basic rules, you will be ready to connect with the richest customers in the world.