How Do Ultra-Rich People Spend Their Money?
Karoline Knowles is a top-class sociologist who is interested in millionaires. Do not get it wrong, she is not a gold digger; what she is actually interested in is in knowing how rich people (“ultra-rich,” as she calls them) spend their money. As a sociologist, she has conducted numerous pieces of research on the topic and is also the author of “Serious Money.” In her book, Knowles explains the spending habits of millionaires and gives a threadbare analysis of their lifestyle.
Based on her extensive research, Knowles concludes that the country’s lavish streets are living examples of the lifestyle of the rich people. As a result, she is quite disappointed by the “unjust” distribution of wealth. “Look at one side, and you will see a man spending millions to buy a yacht,” Knowles argues. On the other hand, some people can not even keep up with their daily ends meets. She asserts that it is sad to see that there are people who can not bring food to the table for their kids. That is one side of the picture. On the flipside, these ultra-rich people spend millions of dollars without hesitation.
While that is the harsh truth of our society, let’s stick to the topic. How do ultra-rich people spend their money? According to Knowles and her extensive studies, a vast majority of the money of these wealthy people is spent on luxury. Knowles suggests that they buy yachts, lavish cars, condos, and mansions.
That is pretty obvious. Now, let’s dive deep and see where exactly the money of the ultra-rich goes:
Lavish & Extravagant Houses
When you look at the abodes of millionaires, this class lives in a different neighborhood. Of course, they are expensive. No wonder rich people buy houses in Kimberly Hills and LA. Normal houses in these neighborhoods cost around $50 million to $80 million. That is a lot of money, to say the least.
Apparently, these houses are not only costly to begin with. Living in these neighborhoods is also expensive. On top of that, there are frequent renovations and maintenance. This means that a vast majority of the money – of these ultra-rich people – is spent in their houses.
Luxury Cars & Yachts
The overall lifestyle of millionaires is expensive. Since they live a lavish lifestyle, a sheer amount of money goes into maintaining it. Thus, buying luxury cars and extravagant yachts is another favorite play of the riches.
According to a New York Times report, rich people spend 52% of their overall net worth on luxury items. Cars that cost millions of dollars and yachts that are beyond the reach of the poor are the common assets of these millionaires.
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