High net worth consumers took money out of real estate last year according to the World Wealth Report released by Capgemini and Merrill Lynch, shrinking the portion of their portfolios devoted to investments like commercial real estate, REITs, and investment properties.

In 2007, just 14 percent of the assets of high net worth individuals were in real estate, down from 24 percent in 2006. By 2009 the share is expected to drop to 11 percent. While the report does not specifically address second homes (though those properties could fall in the realm of an investment property), the National Association of Realtors says that sales of second homes and investment properties were down last year from their record highs.

While real estate as an investment may be losing its shine, high net worth consumers are still spending heavily on travel, which could be good news for destination clubs. The World Wealth Report looked at the spending patterns of the ultra wealthy and the rise of experiential and luxury travel, which includes everything from philanthropic vacations (think voluntourism), unique tours to Antarctica and global voyages via private jet, offered by companies like Travcoa and Abercrombie & Kent.

All destination clubs have concierge services, which aim to customize each member’s stay in a home, but increasingly these clubs are moving to offer more travel options. Exclusive Resorts’ Once in Lifetime program and Quintess’ Q Leading Experiences offer members trips beyond the confines of say, a multi-million dollar beach house. Abercrombie & Kent Residence Club will kick up the travel bar even further, giving its members the option to exchange nights to use on its tours, which range from safaris to a newer line of “Extreme Expeditions” Destination clubs are quick to tout travel and experience when marketing their products, given that membership does not include buying deeded real estate. When the real estate market was seeing double digit increases every year that might have been one struggle in a club’s sales pitch. But as more clubs morph into global travel providers, high-end tours stand to rank as an increasingly important amenity to new members.