Site Search

Get Luxury News by Email

Live the Good Life

Categories more

Sections

Other

7 Things the Ultra Wealthy Spend Their Money On

Be the first to review this item!

#finance #financialtips #financing #financialgoals
Published
09/20/2023

Are ultra-rich people really different from the rest of us? 

Rather than impulse-buying the same $20 item from Amazon, they might indulge in other luxurious experiences. Not all millionaires and billionaires are frugal – some try to impress others, while others keep their network a low profile. 

Whether you're considered affluent or not, here are the most common things the ultra-wealthy spend their money on. 

1. Cigar and Smoking Devices 

For some, enjoying a fine cigar is more than just a hobby; it's an art. The ultra-wealthy often indulge in collecting rare and expensive cigars, along with personalized smoking devices. The craftsmanship and exclusivity of these items appeal to their refined tastes.

However, some career-driven and highly successful people may crave the occasional nicotine buzz as a way to de-stress from a long work day. 

2. Private Jets 

Commercial flights and long airport lines are something that rich people don't have patience for. Owning a private jet offers extreme convenience and privacy, jet-setting across the globe on their terms and avoiding the hassles of commercial travel. 

Getting from one place to another quickly helps them to achieve their business goals faster. 

3. Expensive Cars 

High-performance and luxury cars are a status symbol for successful people. Whether it's a sleek Lamborghini, a classic Rolls-Royce, or a futuristic Tesla, they enjoy the thrill of driving top-notch vehicles that turn heads wherever they go.

4. Betting in Style 

For those who enjoy the thrill of gambling, the ultra-wealthy take it to another level. They indulge in high-stakes poker games in exclusive clubs or make large bets on well-known sporting events. For the successful, gambling serves as an outlet for entertainment and gives an adrenaline rush. 

5. Luxury Real Estate 

Affluent individuals often own multiple residences, each more lavish than the last. These properties can range from mansions in exclusive neighborhoods to breathtaking waterfront estates and even private islands. Real estate investments are a cornerstone of their wealth management strategy.

6. A Boat or Yacht 

What better way to explore the world's oceans than aboard a luxurious yacht? Many wealthy individuals invest in yachts equipped with state-of-the-art amenities, crewed by a dedicated staff to ensure their every need is met while cruising the oceans.

They also serve as prime real estate to host parties and private events. Like cars and other expensive items, yachts are meant to impress.

7. Household Staff, Including a Personal Chef

Maintaining their extravagant lifestyles requires an army of people. From personal chefs who whip up gourmet meals to housekeepers, gardeners, and chauffeurs, the ultra-wealthy hire skilled professionals to cater to their every whim.

Final Thoughts 

That said, not all super-rich people are motivated by luxury. Some want to create generational wealth for families, and others want to use their financial abundance to make lasting changes in the community and world. 

If you are an affluent individual or strive to be, these luxurious assets serve as status symbols to flex your bank account without actually showing the numbers. While it's good to be frugal, at times, you may want to experience the best of what life has to offer. 

 

Comments