Ultra-wealthy want experiences above all

By Dan Wilchins

(Story contains descriptions that some readers may find objectionable.)

BOSTON (Reuters) - When you have huge sums of money to spend, merely staying at a Ritz-Carlton is far from enough.

Top hedge fund managers and chief executives instead prefer to hire someone like Gregory Patrick to create a holiday experience at a private villa that they will never forget -- and money is no object. You want five of the world's best chefs flown in? It will happen. Butlers? No problem.

One American investor, who was on such a trip to Italy, was whisked away by chartered jet for the evening to Vienna with a group of friends to a Sting concert, and after the show, they partied all night with the band.

His wife went on a shopping trip with Italian entrepreneur Laura Gucci, and he and his friends raced a Ferrari, a Lamborghini and several Porsches from Florence to Portofino.

The couple were part of a new generation of wealthy tourists. They want luxurious accommodations and tip-top service but they want something much more -- an experience.

Patrick, founder of travel firm DreamMaker International, creates unusual vacation experiences for the rich for a living.

So what is it that the ultra wealthy want when they travel? They may not know it, but often they are looking for experiences they can tell their friends about, Patrick told the Reuters Wealth Management Summit in Boston.  Continued...