The life of wealthy people: The 7 most common excesses of the super rich
It's interesting to think about how the rich spend their money. We usually imagine luxury purchases, such as chic clothes or jewelry. But experts say it's far from what we tend to imagine.
From exclusive cars to luxury vacations, private jets and even private islands. Super-rich people spend money on various whims. The seven most common expenditures of wealthy people are described in the article by finance.yahoo.com.
Paige Robinson, a real estate investor and owner of House Buyers, noted that there seems to be no limit to how much money the rich are willing to spend on extravagance.
"I can tell you that rich and wealthy people often spend money on overly expensive things that most of us can only dream of. These include private yachts, art collections, exclusive celebrity experiences, and top-of-the-line home electronics," she explained. "No matter what it is, if it's expensive and luxurious, the rich will find a way to buy it."
Private jets and aviation
"Owning a private jet is the epitome of luxury travel for the wealthy," said Alec Kelsey, CPA at File Smart Tax. In addition to the convenience of avoiding commercial airports, he said private jets offer extremely rich personalized services, spacious cabins, and the ability to travel on a schedule.
High fashion and couture
Experts say that fashion is a way for the super-rich to show off their wealth and style. They can spend thousands or even millions of dollars on designer clothes, accessories, and jewelry.
"Luxury brands and well-known designers cater to this elite clientele by creating limited edition items with exorbitant prices," added Alec Kelsey.
Fine wine and rare spirits
"Collecting and investing in rare vintage wines and spirits is a passion for many wealthy individuals," Kelsey emphasized. He added that private cellars stocked with valuable bottles from renowned vineyards or limited edition distilleries are becoming a sign of sophistication.
According to Kelsey, gourmet dining is an extravagant affair for the rich. This includes hiring famous chefs for private dinners and organizing elaborate gastronomic events.
Space tourism enterprises
Experts note that with the development of space tourism, wealthy people are traveling beyond the borders of our planet. Private space travel involves booking seats on commercial space flights or even financing their space research. "The cost of such an endeavor is astronomical," said Kelsey, "reflecting not only the technological challenges but also the exclusivity of being one of the few to experience the vastness of space firsthand.
According to Anton Radchenko, attorney and founder of AirAdvisor, experience is one of the best things you can spend, and the super-rich are taking full advantage of it. "While some people collect miles to save on travel abroad, the ultra-rich are leaving the planet," he said.
Luxury watches and jewelry
In addition to being functional accessories, luxury watches and jewelry serve as status symbols for the wealthy. "Collectors choose limited edition watches that are custom designed with rare gemstones or intricate craftsmanship," Kelsey said.
Overspending on households
Delegating household duties is a common dream of affluence, said Shanal Aggarwal, a tech expert at TechAhead, but added that hiring help is a big financial mistake.
"A cleaning crew can save a lot of money compared to hiring full-time maids," he explained. "Personal chefs cost a lot of money - an hourly rate of $50 to $75. A full-time chef can cost between $100,000 and $150,000 a year, which is more expensive than buying takeout or cooking."