The only barrier to entry is having parents who have over $10 million in their bank accounts.
There's nothing quite like elitism, right? That's exactly what this summer camp for super rich kids is all about. This 'rich kids camp' only allows in kids who have a minimum of US$10 million in their family’s bank account.
The camp is sponsored by Swiss banking conglomerate UBS Group. But why would rich kids need to go to summer camp? They probably have private islands or at the very least, resort homes, to head to in the summer, right?
One of the main reasons for this is that big banks use the opportunity to court millennials from wealthy families to become future clients.
According to a Bloomberg report, the summer camp for wealthy millennials includes entrepreneurial workshops, luxurious food and drink, and niche networking opportunities.
The three-day event is not just about rubbing shoulders with the rich and famous. It is also about learning important life lessons. One of the activity involves the rich kids carrying a 40-pound keg of water for a mile-long journey.
The purpose of the activity is to gain a deeper understanding into what many women in impoverished communities have to go through on a daily basis just to get water.
Of course, after this torturous activity, the kids were then rewarded with cocktails. This is where UBS announced it would donate US$12,000 to build a well for a community in the name of its guests.
The summer camp also offers other entrepreneurial-themed lessons including demonstrations on “impact philanthropy”. But on the other end of the spectrum, the camp also involved a wine tasting session led by Jon Bon Jovi’s son.
Bloomberg also reported that such “workshops” have become a trend among big banks. It is done to in attempt to woo these millennials as future clients during the luxurious getaway.
This particular UBS summer retreat was hosted at The Four Seasons in New York.
Would you send your kids to summer camp for rich kids if you had the chance? Let us know in the comments.
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