We might be in a recession – but it would seem not everyone is feeling the pinch. As a survey reveals, there are those with £250,000 savings who unlike celebrities, are not photographed on the beach – but nevertheless they are on the beach…
In fact, spending an extended period of time abroad used to be a relative luxury and reserved to those with a bank account large enough to fund such a stay. However, over the years this stereotype has worn away and more people without endless realms of money are spending more and more time abroad. A new study has shown the emergence of a new internationally mobile ‘global citizen’ – it has found that:
• In the last year, 20 per cent of affluent people (with savings and investments of over £250,000) spent more than a month abroad
• 12 per cent have spent over a month away in one single trip
• More disposable income, preference for the overseas lifestyle and more business opportunities contribute growing trend
• Global citizenship no longer confined to the super-rich
With globalisation continuing to stretch into every aspect of society, from the international expansion of business to social connectivity, Lloyds TSB International has found a new type of ‘global citizen’ has been created.
According to research from the international bank, which collated responses from over 1000 affluent UK citizens, one in five spent a month or more outside Britain over the last 12 months. This figure, which equates to around half a million people nationally, suggests there are a significant number of Brits that are choosing to spend more time abroad.
The survey revealed that in the past year, 12 per cent of these Brits have spent more than a month abroad in a single trip – equating to about 340,000 nationally. While two per cent, or 57,000, of these were found to be spending a month or more in a different country for business reasons, the report seems to suggest that there are now a significant number of people acting as ‘global citizens’ – although this is still a very select group.
According to Nicholas Boys Smith, Director of Lloyds TSB International Wealth, there are clearly people who are spending time abroad more for both business and pleasure than a decade ago, but there is also a different type of customer emerging that divide their time between two or more countries.
“Importantly, this isn’t just the super-rich,” he explained. “We’re talking about thousands of people who couldn’t be classified as ultra-high net worth, but are forming a new global village of internationally mobile citizens. Ten years ago people spoke about the ‘haves’, the ‘have-nots’ and the ‘have-yachts’. Now I think we’re increasingly seeing that you don’t have to be a billionaire to be detaching from your country of origin.”
He continued by drawing attention to the 17 per cent of wealthy Britons who are now thinking of leaving the UK at some point over the next couple of years, adding: “Now it is more a case of the ‘haves’, the ‘have-nots’ and the ‘have-frequent-flier-cards’.”
The Lloyds TSB International research showed that the most common reason for spending time away on business was that there are more perceived business opportunities overseas (32%). However, some said it was because their company now does more business on an international basis (27%) or that their current job role has changed (25%).
Leisure travellers say they spend more time abroad as a result of being able to afford more foreign holidays (43%), with others stating it is because they have retired in the past five years (40%) that they can travel more. It was also noted that 28% of respondents say they prefer the way of life in certain other countries.
Nicholas Boys Smith concluded by saying it was clear that views were changing on where people call ‘home’. “Many people are now far more comfortable travelling the world, working in other countries and experiencing different cultures. They say an Englishman’s home is his castle, but many people now move around as if on a boat, mooring their home in different places as they sail life’s journey.”