In findings that will interest wealth managers in how to win and keep clients, a survey shows that some of the richest UK citizens are often the least likely to cultivate a hobby in their spare time.

The UK’s wealthiest individuals do not devote much time to living the high life and enjoying hobbies, assuming they have much spare time at all, according to a survey that has implications for how wealth managers engage with such people.

Individuals with at least £3 million ($4.5 million) or more in investable wealth are the least likely group of high net worth individuals to have a hobby, out of those surveyed with different levels of wealth by Ledbury Research.

One in four of these HNW individuals do not pursue any hobbies at all, the report showed. Likewise, the under-45 sub-segment said they were less inclined to pursue hobbies or have the free time to dedicate to them. In contrast, older sub-segments tend to enjoy more hobbies as business commitments are scaled back.

“There is a popular belief that wealthier individuals in the UK enjoy lives that are dedicated to the pursuit of leisure, but this is simply not the case. Business responsibilities weigh heavily on this group, particularly responsibilities linked to business ownership,” said Stuart Rutherford, research director at Ledbury Research.

Asked why such data is valuable, Rutherford told this publication: “From the perspective of wealth managers, understanding HNW individuals’ interests and passions is vital when constructing effective sales and marketing campaigns. We are often asked, for example, about the specific interests of sub-segments by marketing teams looking to organise appropriate events, and this information presents a real opportunity to connect with prospects as well as clients.”

The report details what the popular hobbies are among these individuals, broken down by wealth level, age, gender and source of wealth. “It’s very important for wealth managers to access this level of detail across the HNW population to see where there are commonalities and differences, in order to tailor events and other forms of business development,” Rutherford added.

Travelling proved to be the most popular hobby enjoyed by both male and female HNW individuals, followed by reading, with women being more enthusiastic, and golf, enjoyed more by men. “We also found some fascinating differences in the mix of hobbies pursued as wealth levels rise, such as the popularity of golf in fact decreases as wealth levels rise – around 20 per cent down to 10 per cent,” said Rutherford.

Ledbury Research carried out the survey from 500 HNW clients in the UK, all of whom have at least £500,000 in investable assets and all who make use of a private banker, wealth manager or full service investment manager or stock broker.