What is the Cost & Value of Privacy for High Net Worth Individuals?
With wealth comes fame and luxury but not privacy. The richer you get, the more attention you receive from the public, and as a result, your privacy begins to diminish. For this reason, billionaires and millionaires are paying a fortune to enjoy their fundamental right to privacy.
In this digital age, it is difficult to live a private life especially if you are a public figure, a celebrity or a billionaire. It is now easier to find people’s home addresses than it was decades ago. To stay invisible, millionaires and billionaires turn to pricey tactics such as building underground homes which cost about 185 million dollars or panic rooms worth half a million dollars. They also hide their assets and property from GPS tracking and reside in neighborhoods that are absent on the Google street view. These neighborhoods are pricey but private and very secure.
Millionaires and billionaires have always opted for private travel for privacy and security reasons. It costs up to 30,000 US dollars to hire a private jet to Los Angeles from New York and owning a private jet is even more costly. Billionaires also own luxurious and expensive vacation homes and private islands where they can unwind and have fun without public or paparazzi interference. Jeff Bezos, the founder of Amazon, for example, owns a luxurious vacation home in Beverly Hills worth twenty-five million dollars. Some millionaires opt for private suites in hotels and services such as separate security lines to keep off the public eye. These suites and services do not come cheap, but privacy for the rich and famous comes with a price.
Internet and social media access are available and affordable for most people. The wealthy, however, interact and socialize differently through the internet. They utilize high-end privacy and security measures to protect their data. They also use exclusive networks such as ‘ Rich Kids’ with a monthly subscription of 1,000 dollars to socialize with other rich people. They have dating sites such as ‘Luxy’ that are exclusively for the rich. These networks enable them to only interact with their fellow rich people and not the rest of the world. Such sites require high payments to keep the public away and protect the privacy of its members.
Private Medical Services
Billionaires have the power to do just about anything their way. When sick, most wealthy people bring in doctors and set wards inside their homes instead of going to the hospital. These habits are very costly but also useful in maintaining privacy and security as compared to staying at hospitals that are accessible to anyone. Those who opt to get treated in hospitals secure luxurious private rooms in the best hospitals that keep them hidden and separate from the rest of the patients and staff. Some billionaires also prefer hiring highly trained teachers or trainers to educate or train their children from the comfort and privacy of their homes as opposed to institutions.
In conclusion, the right to privacy is a privilege that the rich have to pay to have. There are companies that specialize in the billionaire’s privacy & confidentiality services that help high net worth clients set-up anonymous lifestyles.
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