Arab oil provides wealth: With the number of billionaires in the Middle East forecast to grow from some 150 in 2007 to around 220 in 2017, it is more important than ever for those doing business with them to have a greater understanding of their purchasing patterns. A new study(1) provides some new insights.
According to Airbus, one of the findings is that when billionaires travel, they want to take their lifestyle into the air, and that often means traveling with an entourage – such as those looking after them and advising them on the ground - which already understands their needs and preferences. Giving wings to their lifestyle, whether it be work, rest or play, is important to billionaires because it helps them to make the best use of their time - as well as making their travel more comfortable.
“Airbus corporate jets enable larger groups to take their business and social activity into the air, because their wider, taller and more spacious cabins allow them to carry more people, in more comfort, than any other business jet,” points out Airbus Chief Operating Officer, Customers John Leahy. “Company executives, family groups and government delegations are more easily accommodated in Airbus corporate jets, because they provide the room for them to continue doing in the sky what they would want to do on the ground,” he adds.
Also, the study found that billionaires in the Middle East favor travel to Europe, including the Mediterranean, which can be reached in flights of just a few hours.
Furthermore, iIt also showed that differences in billionaires’ buying behavior can be explained by variations in age, how long they have possessed wealth, and their geographic region. Billionaires in the Middle East have an average age of 61, for example, and tend to be focused on passing on their attitudes and values, as well as their wealth.
Lifestyle of the rich and famous in Middle East: The study also found that luxury still has a meaning for billionaires, but that it is mostly about having products and services tailored to their needs and making the best use of their time.