Majorca can cash in on mega rich

PALMA
WHILE the average European is worried about the credit crunch, a worldwide increase in so called Ultra High Net Worth Individuals (those with assets of over 30 million euros) is fueling a new boom in luxury travel and Majorca could easily cash in on the growing and highly lucrative market.

For years the Balearics governments and ministers for tourism have been trying to target high spending tourists, well it appears that now is the time.
The use of private jets, super yachts and the holiday rental of multi-million euro luxury homes and chalets by the fun loving super rich is on the rise and Majorca ticks all the boxes for the UHNWI's looking for a top of the market holiday.

Top destinations this summer included Provence, Cannes, Tuscany, Mykonos and the Balearics in Europe.
Over the past few months, many of the world's most expensive and largest private yachts popped up in the Balearics but, for a change, the yachts were not carrying top celebrities but the growing number of mega rich business people.

In fact, according to a recent report on the holiday habits of the global elite, the celebrities are renting their luxury homes or chartering their super yachts to the growing number of UHNWI's.

This year, Palma's private jet terminal has reported a marked increase in executive jet traffic and the ports of Ibiza, Palma and Mahon have all catered for the world's largest yachts carrying wealthy business tycoons from all over the world including India, the Middle East and Russia.

Palma's Club de Mar is the new home for the Emir of Qatar's 436.35ft super yacht Al Mirqab which was only launched a few months ago and now dwarfs the yacht club.

With a number of unique luxury properties worth between 50 and 100 million euros on the market for sale and rent in the Balearics and all the services and facilities, such as excellent golf courses, and Michelin star restaurants, the UHNWI's require, Majorca, which is just a few hours private jet flight from most West European cities would do well to cash in on the mega rich travel boom and expand the very top end of the tourism market.