"Why Work for a Company When You Can Earn More Here?"... Moving Closer to the Wealthy [The World is Z-Gold]

High Salaries and Exceptional Benefits:
The Growing Popularity of Private Staffing for the Ultra-Wealthy
Intense Competition and High Barriers to Entry
Strict Confidentiality and Trust Are Essential

Editor's NoteGeneration Z (those born from the late 1990s to the early 2010s) is emerging as a generation that leads culture and trends in a rapidly changing era, setting new standards across society. In [The World is Z-Gold], we shed light on the lives and values of Generation Z around the world and explore how they are transforming society.

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Among Generation Z in the United States, jobs that provide close support to the ultra-wealthy-such as nannies, personal assistants, and chefs for billionaire households-are drawing attention. As the perception spreads that it is difficult to earn the desired level of income in traditional white-collar jobs, high-paying positions with exceptional benefits are emerging as new alternatives.

The Rise of the Ultra-Wealthy: "A Billionaire Needs a 'Dedicated Team of Staff'"

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Recently, the U.S. economic media outlet Business Insider reported, "For young people, private staffing for the ultra-wealthy offers the prospect of higher earnings and greater demand than climbing an increasingly unstable corporate ladder, making it a much more attractive and dynamic alternative." This role encompasses supporting every aspect of the daily lives of ultra-high-net-worth individuals, including jobs such as nanny, personal assistant, butler, security personnel, chauffeur, and private chef.

This field, which previously attracted little public attention, is rapidly growing as the number of wealthy individuals with significant assets increases. Brian Daniel, founder of the ultra-wealthy staffing agency Celebrity Personal Assistant Network, recalled that when he founded his company in 2007, there were only a handful of similar agencies. However, there are now about 1,000 private agencies worldwide offering similar services, with around 500 of them located in the United States. He said, "The demand for staff for the ultra-wealthy is endless, and the scale and depth of their wealth are beyond imagination."

The increasing number of wealthy individuals is also evident in statistics. According to Forbes, the number of billionaires has risen from 322 in 2000 to over 3,000 today. As their assets have grown, so has the demand for staff to maintain and operate multiple mansions, private jets, and yachts. Daniel stated, "There are so many wealthy people, and they do not own just one house," adding, "A single billionaire hires a team of staff like a small army to meet their needs."

According to the staffing agency Tiger Recruitment, housekeepers can earn up to $120,000 per year, while nannies can earn up to $150,000. The annual salary for the head of a secretarial team ranges from $250,000 to $280,000, and those who manage multiple residences in locations such as New York and East Hampton are offered salaries of $200,000 to $250,000.

Cassidy O'Hagan, 28, is also currently working as a nanny for an ultra-wealthy household, earning a high income of $150,000 to $250,000 per year. She also enjoys various benefits, such as meals prepared by a personal chef and travel by private jet. O'Hagan first encountered this line of work in 2019, when she worked as a nanny for an ultra-wealthy family. However, due to the prejudice that 'being a nanny cannot be a career,' she switched to medical sales, joining a large healthcare company in New York in 2021. Yet, she was unable to endure even a year due to long working hours, low starting pay, and a male-dominated corporate culture, and eventually returned to the nanny profession, which she felt suited her better. O'Hagan said, "It's a world of difference compared to working at a company."

On Call 24/7-and Even Your Social Media Must Be Spotless

Generation Z is more flexible in changing career paths and expects higher incomes than previous generations. In the recent "Secrets of Success" report by financial services company Empower, Generation Z set the standard for financial success at an annual salary of about $590,000. This is six times the standard cited by the Baby Boomer generation, which is about $100,000.

Julia Dudley, 26, is another example of someone who became a personal chef to earn a higher income. She has been cooking for ultra-high-net-worth households every summer for several years and said that even by preparing just two or three meals a day, she can earn a high income over several months. Dudley explained, "Many chefs leave five-star restaurants for private service because they can triple their income."

However, to earn such high salaries, one must overcome fierce competition and meet numerous requirements. Dedicated staff for the ultra-wealthy are expected to be on call 24/7 and work long hours, and their personal social media accounts must be impeccably managed. Absolute confidentiality and trust regarding the private lives of the wealthy are also essential. The industry views the high entry barriers for these positions as a result of such demanding conditions.