Strategies for Selling to the Affluent

Soundings Trade Only
Dec 1, 2019

What better place to talk about engaging and marketing to individuals with high net worth than the Fort Lauderdale International Boat Show? Miles of docks were glittered with majestic megayachts. Affluent people attended the show from virtually all parts of the world. There is perhaps no grander gathering spot of the boating elite within North America than FLIBS.

The Marine Marketers of America hosted luxury marketing expert Christopher P. Ramey of Affluent Insights and The Home Trust International as the keynote speaker for a membership luncheon. His presentation, “The Eight Laws of Marketing to High Net Worth Individuals,” revealed a mix of insights and strategies.

Shawn Talpey, president of Emerald Coast Marine Group in Florida, said he found Ramey’s information so insightful that he planned to hold a meeting with his sales team that night to review the recommendations.

Ramey says that in the United States, there are 705 billionaires; 52,918 ultra high net worth individuals earning $30 million or more; 2.5 million high net worth individuals earning $5 million to $30 million; and more than 75,000 people with incomes from $100,000 to $5 million.

Ramey also cited a New York Times study that reported 12 percent of Americans will spend a year in the top 1 percent of income earners (estimated at $400,000 or more in 2019) with only 0.6 percent of that group remaining 10 consecutive years in the ranking. In addition, 39 percent of Americans will earn a spot annually in the top 5 percent, earning $170,000, with 56 percent in the top 10 percent at $120,000 each year.

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