Observing behaviour of the super rich is usually entertaining, and the latest trend doesn’t disappoint. The new ‘It Toy’ is a luxury bunker, whilst family offices are buying ‘apocalypse insurance’.
Demand for luxury bunkers in soaring, according to America-based company Atlas Survival Shelters, which predicts that it will build about 1,000 in the next 12 months. These reinforced hiding places have billiard rooms, cinemas and bars.
Interestingly, Britain is to become the firm’s largest market in Europe, with ten bunkers due to be built here next year. The company also claims that it has already built shelters selling at £150,000 for 'A-listers from the UK' in Hollywood, according to The Times.
“Not having a bunker is a bit like not having car insurance,” said Atlas founder Ron Hubbard.
Speaking of 'apocalypse insurance', Angelo Robles, founder and chief executive of the Family Office Association said: “Taking steps to deal with extreme socially destructive situations is becoming a bigger concern among many family offices. We’re seeing more family members and executives talking about the possibility and trying to work out the likelihood of different scenarios so they can decide how intensely to address the matter.”
Rick Flynn, co-chief executive and founding partner of LVW/Flynn and author of The High-Functioning Single-Family Office, told Forbes that “Some people are buying houses in remote parts of the world. Others are building fully equipped self-sufficient bunkers. For those wealthy people who do not want to build their own bunkers, condo-bunkers are an option. We find some billionaires are preparing sophisticated evacuation plans that also ensure a sizable portion of their wealth remains available to them.”
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