Adventurous experiences that boost adrenaline and serve as luxurious items for billionaires to showcase themselves.
Less than an hour off the coast of Greenland, Jules Mountain began to panic. At that time, the British entrepreneur was completing the second leg of an 8-day journey to become the first person to fly a Bell 505 light helicopter across the Atlantic Ocean.
“I had to navigate through freezing fog at an altitude of over 4,000 meters; otherwise, ice would accumulate on the rotors. The temperature of -14 degrees Celsius made me gasp for breath, and then I realized the fuel was only enough for another 30 minutes,” Mountain recounted his nearly 6,500 km helicopter journey from Montreal to Guernsey.
This entrepreneur stated that he accepted the challenge knowing the helicopter could only fly about 560 km or 3 hours per refueling, and he had to stop for fuel in the icy wilderness of Northern Canada, Greenland, and Iceland.
The More Dangerous, The More Attractive
“I once wanted to climb in the Arctic, but that journey was too easy and not dangerous enough; a rescue team could arrive at any time. With the challenge of flying across the Atlantic, an engine failure means death. And that’s when the adrenaline kicks in, and I feel alive,” Mountain explained his reason for undertaking the dangerous journey.
Many billionaires are willing to pay high prices for dangerous climbs on Everest. (Photo: Reuters).
Previously, he had also conquered Mount Everest and is among the entrepreneurs who enjoy adventurous exploits around the world. Two others include British billionaires Hamish Harding and Shahzada Dawood, passengers on the Titan submersible exploring the wreck of the Titanic.
On June 22, four days after the Titan went missing, search teams discovered debris from the submersible about 500 meters from the Titanic wreck, roughly 600 km off the coast of Newfoundland, Canada. The U.S. Coast Guard reported that all passengers aboard the submersible had died after a catastrophic implosion under water pressure.
Such adventurous travel is a niche market but is booming. A large number of companies have emerged to cater to the dangerous adventure demand of the super-rich. OceanGate began selling trips on the Titan to visit the Titanic wreck in 2021 for $250,000 a ticket.
Experts have raised numerous concerns about the safety of the submersible since 2018, including the hull material made from carbon instead of metal like conventional submersibles, and a lack of industry safety certification. Passengers of OceanGate reported issues with communication, navigation, and buoyancy during the 12-hour journey. Nevertheless, the company still attracts wealthy passengers willing to pay for a thrilling experience.
The Titanic tour on the Titan submersible still attracts customers despite the dangers. (Photo: Reuters).
“No one boards the vessel with the illusion that it is safe. The thrill and facing danger is what makes it attractive,” said Garret Madison, owner of Madison Mountaineering, which specializes in bespoke expeditions to unnamed Himalayan peaks.
Flirting with Death for Satisfaction
Madison further noted that the average mortality rate on Everest is 1%, higher than the fatality rate of U.S. military personnel in recent conflicts, but since the pandemic, an increasing number of high-income individuals are seeking out expeditions. “This is the latest trend. Billionaires want private adventures with friends,” he said.
Grace Lordan, a behavioral science expert at the London School of Economics, stated that in wealthy entrepreneurial circles, these expeditions have replaced luxury goods.
“Satisfaction and purpose often dictate the sense of happiness. For billionaires, they often achieve these through luxury shopping and charitable activities. Gradually, while charity still provides purpose, satisfaction has become increasingly difficult to attain,” Lordan explained.
Adventurous travel to the ocean floor or into space serves as experiences for billionaires to showcase themselves. (Photo: Virgin Galactic).
Self-identity is also a factor. “Luxury products have become more accessible to the masses. Therefore, entrepreneurs, who tend to take higher risks, increasingly desire to have experiences that very few others can have,” Lordan explained. They have achieved remarkable feats in business, and now they seek to express themselves in their personal lives.
“The primary customer base is men in their 50s and 60s, who want to feel alive. They want to traverse the Khumbu Icefall or the north face of the death zone of Everest, rather than just sitting behind a desk. The closer they feel to death, the more they feel alive,” Madison stated.
The Titan tragedy shows that these extreme adventures equate to a gamble with death. “These challenges will always come with risks. But that’s why they attract people,” Mountain said.
