Privacy and security are common terms used to refer to an ultra-high-net-worth individual (UHNWI). Privacy and security are related.
Privacy related to any rights people have to control their personal information and how it’s used. Security, on the other hand, refers to how their personal information is protected such as health records and all financial matters. Privacy protects a person from unnecessary interference. Sadly, most people today do not enjoy their privacy rights.
Being an UHNWI comes with its disadvantages. UHNWIs attract so much attention from the public, and such interest compromises their privacy. Violation of privacy brings about anxieties and threats to a person’s security. For this reason, UHNWIs have gone to great lengths to ensure they protect their privacy.
Why very wealthy individuals (must) invest in privacy security
Most UHNWIs are known for saving their money in foreign accounts. A popular belief is that these rich people hide their wealth and avoid heavy taxes. However, law-abiding UHNWIs know that being wealthy attracts people who will do anything to exploit their resources. These UHNWIs, therefore, find it wise to store a significant portion of their wealth in a different country. Foreign accounts provide secrecy and confidentiality of the wealth of an UHNWI that protect him/her from greedy opportunists.
To maintain privacy security, most UHNWIs invest in more homes. Having various estates helps them live a private life as they can settle in whichever place they feel secure and undisturbed. When UHNWIs are very famous people, it’s easy to trace where they live. An UHNWI with one home will hardly enjoy the privacy of his/her home as they will always receive unnecessary visits and scrutiny from the media, the public, stalkers, and even criminals who see a soft target in the UHNWI. Relatives of UHNWIs are kidnapped very frequently, for example. This kind of attention, and sometimes also of threat, can be very uncomfortable and can cause stress.
The personal information of an UHNWI such as his/her health records can be used against him/her and is therefore sensitive. Rich people have many rivals, enemies or people after their money. These people will use whichever weakness the wealthy person has to their advantage. It is for this reason that UHNWIs pay a great fortune to private clinics for treatment and checkups. These medical institutions not only provide high-end medical care but maximum patient confidentiality as well.
Private islands are popular spots for UHNWIs on vacation. Such places guarantee privacy and protection as they are away from the curious eyes of the public. They travel in private planes and own vacation homes where they can enjoy their holidays in private. These homes, islands, and planes cost a fortune but are necessary for ensuring that they enjoy their lives without too much attention, disturbance or insecurity.
UHNWIs also invest in expensive private schools where their children can learn and interact with other wealthy and celebrity kids without feeling out of place. Such schools are very secure and uphold the confidentiality of their students. These kids easily fit into such schools as they are treated as normal students and not as children of an UHNWI.
Total protection package
In conclusion, privacy security is more of a luxury for UHNWIs than a right. If you are strive for wealth and fame, be prepared to pay for your privacy security. If you are an UHNWI or you will soon become a very wealthy individual, Albert A. van Daalen Services (Alvadas) can facilitate your privacy security. If required, we can facilitate a total protection package (risk analysis, security systems, asset protection, and proactive management of threats, for example).