- Rich people spend money differently than the rest of us.
- The value of $US1 to the average person is the same as $US1,355 to the typical billionaire.
- The world’s richest people spent $US234 billion on luxury goods and services in 2016, with the largest share spent on travel, cars, and jewellery.
The world’s richest people have incredible spending power.
In fact, the value of $US1 to the average person is the same as $US1,355 to the typical billionaire. For a person that rich, buying a new Tesla Model X (with Ludicrous Mode, of course) is like spending $US100.
Rich people with at least $US30 million – also known as ultra-high net worth – held about $US30 trillion in combined assets as of 2016, according to data from Wealth-X and Camper and Nicholson featured in a recent report from Coldwell Banker.
That wealth is held largely in private and public investments, while nearly 9% is parked in real estate and luxury assets. It may not sound like much, but that translates to about $US2.7 trillion.
In 2016 alone, rich people spent a total of $US234 billion on luxury goods and services, which includes private jets, clothing, jewellery, art, and cars.
Below, check out how much rich people spend annually in 12 categories.
Travel and hospitality: $US45 billion a year
Cars: $US40 billion a year
Jewellery and watches: $US25 billion a year
Art: $US25 billion a year
Private aviation: $US23 billion a year
Yachts: $US22 billion a year
Apparel: $US15 billion a year
Accessories (i.e. sunglasses, luggage, handbags): $US12 billion a year
Home goods: $US8 billion a year
Wine and spirits: $US8 billion a year
Food: $US7 billion a year
Beauty: $US4 billion a year
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