Here are 10 outrageously expensive things millionaires and billionaires spend their money on.
- Tickets to outer space. The cabin of a prototype Virgin Galactic spacecraft in 2007. ...
- Fossils. ...
- Gold toilets and bathrooms. ...
- Private islands. ...
- Luxurious superyachts. ...
- Private planes. ...
- Movie props and memorabilia. ...
- Massive car collections.
According to an article by Insider, billionaires can typically afford to spend $80 million a year, with many spending their wealth on private jets, real estate, remote islands, cars, art, trips to space, and superyachts. All these industries are booming as the world's billionaires seek lavish goods and investments.
- Private Islands and Land. Billionaires love to buy vast tracts of land. ...
- Private Planes and Mega Yachts. Billionaires love to burn fossil fuels. ...
- Trips to Space. Who hasn't looked up at the stars to marvel at the grandeur of the universe? ...
- Doomsday Shelters. ...
- Pursuing Eternity. ...
- Tax Havens.
However, there are certain pastimes that so many tycoons and magnates have take up that they are now considered 'rich hobbies'.
- Skiing. Skiing is a favoured pastime of the rich and famous. ...
- Flying. ...
- Car racing. ...
- Polo. ...
- Owning a vineyard. ...
- Sailing. ...
- Owning exotic pets. ...
- Golf.
Philanthropy is the most popular hobby among billionaires, according to Wealth-X's 2019 Billionaire Census. Sports, boating, and travel are also popular pastimes among the richest people in the world, according to Wealth-X.
Perhaps the most surprising recreational activity I uncovered in my study was that the wealthy liked to collect things. 36% of the wealthy in my study were collectors. Art, cars, boats, wine, and sports memorabilia were among their favorites.
Rich people, however, don't usually have just a single source of income. They may own or invest in multiple businesses, and earn money in many ways -- consulting, earning a salary, earning investment income, giving speeches, or serving on corporate boards.
Always wear clean clothes, freshly pressed, with no threads, rips, stains, or fading. Black, white, navy are always elegant colors that can make you look more expensive. Match your outfit with some assorted accessories such as a couple of bracelets and a pair of sunglasses for that extra visual effect.
Millionaires use credit cards like the Centurion® Card from American Express, the J.P. Morgan Reserve Credit Card, and The Platinum Card® from American Express. These high-end credit cards are available only to people who receive an invitation to apply, which millionaires have the best chance of getting.
― Robert T. Kiyosaki, Rich Dad's Guide to Investing: What the Rich Invest In, That the Poor and the Middle Class Do Not! “Winston Churchill said, "Success is the ability to go from one failure to another with no loss of enthusiasm.” ― Robert T.
Millionaires in the $1–1.99 million range spend $417 per month on groceries. Millionaires in the $2–2.99 range spend $27 less, or $390 per month. Millionaires in the $3–3.99 range spend $361 per month. Millionaires in the $4–4.99 range spend $388 per month.
And people living in low-income neighborhoods–the ones who are relatively well-off compared to their neighbors–are nevertheless worried that they'll be misperceived as resource-poor. So they purchase expensive and conspicuous goods, to make sure their resources are visible to outsiders.
Millionaires don't watch TV
Only 23% of millionaires watch more than an hour of TV a day, compared with 77% of everybody else. That leaves time for wealthy folks to do other things that broaden their financial horizons.
Many millionaires, for example, allocate their time differently — they spend more time focusing on personal growth, planning for investments, and working, and less time sleeping. They also gravitate toward similar wealth-building strategies, like saving as much as they can and bringing in multiple income streams.
Billionaires love setting aside alone time...to think. They might do this by meditating or some other relaxing activity they enjoy. Kim Beom-su, one of South Korea's most successful Internet entrepreneurs, uses his mornings to think deeply. “While taking a shower or walk, I take time to contemplate,” he says.
Successful entrepreneurs, including Bill Gates, Jeff Bezos and Warren Buffett, prioritise rest and swear by seven to eight hours of peaceful sleep. Jack Dorsey, CEO of Twitter and Square, reportedly wakes up at five every morning, while Richard Branson, the founder of the Virgin Group, rises at 5:45 am.
No matter how much their annual salary may be, most millionaires put their money where it will grow, usually in stocks, bonds, and other types of stable investments. Key takeaway: Millionaires put their money into places where it will grow such as mutual funds, stocks and retirement accounts.
Most billionaires are surprisingly cash poor on a relative basis. The average billionaire only holds 1% of their net worth in liquid assets like cash because the vast majority of their fortunes are usually tied up in business interests, stocks, bonds, mutual funds and other financial assets.
Most of the millionaires surveyed said they never spent more than $65,000 on an automobile. Over 50 percent of these cars are American made with 3 in 10 millionaires driving a Ford F-150 pickup.