There's a reason they're called the leisure class.
A new study found that American millionaires plan to spend an average of $13,429 on leisure travel and will take six vacations this year. The study from BMO Private Bank also found that most millionaires travel during nonpeak weeks, during the spring and fall.
Not surprisingly, 1 in 5 prefer five-star hotels, while a smaller number prefer timeshares.
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The survey offers the latest evidence that today's wealthy are devoting more of their spending to travel and experiences rather than just buying material goods. The boom in travel spending by the rich has led to a surge in high-end hotels, luxury-airline cabins, private-jet companies, travel advisory firms and other vacation-related businesses catering to the wealthy.