Millionaires drop a $1 million on vacations: travel experts

These millionaires are spending money and making memories.

Travel agents for the rich and famous have revealed the exorbitant sums their clients are willing to spend to enjoy their dream vacations.

A majority (90%) of Americans have a domestic trip on the calendar, expecting to spend an average of $1,163 per trip, according to Empower research.

But spending just over a grand on travel is nothing to money-flushed millionaires, including the 350,000 who live in New York City.

Experts who work in the luxury travel industry shared that their clients are willing to shell out hundreds of thousands per trip — but it’s not just about relaxing or getting the perfect Instagram shot.

“Millionaires view traveling as more than just a way to unwind — they also see it as an opportunity to create lasting memories and embrace a lavish lifestyle,” Giacomo Piva, a travel industry analyst and co-founder of Radical Storage, told Yahoo!

“They are pursuing distinct experiences, like leasing private jets and islands, and are willing to invest substantial sums, from $50,000 to $100,000 annually, to fulfill their passion for traveling. A few of them might frequently invest over $200,000 in one journey, guaranteeing that every aspect is carefully tailored to their likes.”

The majority of travelers (57%) are most willing to splurge on dining and restaurants while on a vacation, while 47% would splurge on experiences and 41% would spend more on lodging. 

Luxury travel agents said that many of their clients are splurging to ensure they’re getting exclusivity, privacy and personalization on all their trips — usually more than one a year — jet-setting in private aircrafts, sailing on yachts and leasing private islands.

“The opulence of our itineraries reflects not just in the sum spent — typically between $500,000 to over $1 million annually — but in the meticulous attention to detail and the exclusive access to the world’s most coveted experiences,” LaDell Carter, founder and lead travel designer at Royal Expression Travels, told Yahoo!

“Each journey is more than a trip; it is a testament to the power of luxury to transform the ordinary into the extraordinary.”