Wednesday, February 27, 2008
How Do the Really Rich Spend Their Money?
The Big Picture blog points to an interesting table on the spending habits of households with >$10M:
Dollars Spent Category - 2007 Spending per Affluent Elite Household
Category Category
Spending Spending
Summer Spending * 2007 * 2005 Change 2007/2005
Activity % $ Spent % $ Spent $Change %Change
Yacht Rentals 10.60% $384,000 9.50% $317,000 $67,000 21.14%
Redecorating 44.90% $129,000 30.90% 137,000 ($8,000) -5.84%
Villa Rentals 15.70% $106,000 13.80% $79,000 $27,000 34.18%
Experiential
Excursions 25.80% $103,000 22.70% $79,000 $24,000 30.38%
Jewelry/watches 73.70% $94,000 63.20% $63,000 $31,000 49.21%
Luxury Cruises 47.50% $92,000 43.10% $71,000 $21,000 29.58%
Charitable Giving 97.50% $82,000 98.40% $52,000 $30,000 57.69%
Vacation Home
Rentals 12.10% $82,000 11.80% $64,000 $18,000 28.13%
Out-of-Home Spa
Services 67.70% $61,000 48.70% $49,000 $12,000 24.49%
Summer
Entertaining 93.90% $56,000 92.40% $39,000 $17,000 43.59%
Luxury Hotels 95.50% $48,000 93.40% $36,000 $12,000 33.33%
Luxury Resorts 84.80% $41,000 82.60% $23,000 $18,000 78.26%
At-Home Spa
Services 53.50% $38,000 47.40% $26,000 $12,000 46.15%
Apparel/accessories 92.40% $34,000 86.80% $16,000 $18,000 112.50%
Audio/visual 51.50% $31,000 50.70% $14,000 $17,000 121.43%
Wines and Spirits
for Social
Entertaining 86.90% $24,000 77.00% $19,000 $5,000 26.32%
Wines and Spirits
for Personal
Consumption 84.80% $17,000 74.30% $11,000 $6,000 54.55%
2007 2005 $Change %Change
Total Luxury Summer
Spending/Household $622,202.02 $399,187.50 $223,015 55.87%
*Percentage of those surveyed spending in this category
Survey of Households with Net Worth $10 Million +
Prince & Associates (2007)
// posted by BW @ 10:29 PM 
Comments:
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It's interesting that almost all of the people surveyed contributed to charities (97.5%). Could it be that these elite feel it is their social duty to give back, rather progressive thinking eh? although the question that come to my mind is what fraction of their income is this really? i read an article somewhere that interviewed people who are known as members of the 'fifty percent club', because they give away at least half of their income (or inheritance). wow.
# posted by 
: 8:50 PM
: 8:50 PM
It's pretty amazing to me how much of their expenditures are spent on status symbols. Granted if I had enough money that I could light my candles with hundred dollar bills I might. The money spent goes to even the finest details of the "great life" including really expensive wine and spirits. It's hard not to be cynical and wonder, what is the point? Luxury yachts, villas and jewelry apparently add a significant amount of capital to the market, but what do they really offer after that? Is there a more beneficial way to spend the capital?
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