What else do the richest people in the world spend their money on?

Spending by the world's wealthiest people continues to grow as luxury consolidates its position as a growing sector.

A recent analysis published by 'Business Insider', based on a report by the firm Altrata and its Wealth X database, reveals that those with fortunes exceeding 30 million dollars invested around 247 billion euros in exclusive products and services during 2024 .

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That figure represents more than 20% of total spending in the global luxury market , an industry that continues to withstand the economic downturn thanks to the stability of the purchasing power of high net worth individuals.

Transportation, the main destination for luxury

The analysis indicates that exclusive transportation was the most significant spending item for the ultra-rich, with an estimated €110.2 billion in 2024. Of that total, €85.9 billion was spent on high-end vehicles, while another €24.3 billion was spent on yachts and private jets.

Overall, sales of these modes of transportation grew 13% year-over-year , confirming that personalized mobility and comfort remain priorities for the wealthiest.

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High-end consumer goods also accounted for a significant portion of spending. According to the study, the ultra-rich spent €98.4 billion on items such as jewelry, watches, fine wines, designer furniture, and luxury fashion . Furthermore, the art market once again stood out as a safe haven for value: collectors are estimated to have spent €16.7 billion on the purchase of exclusive works and pieces, driving international auctions and fairs.

" There's been a bit of a reorientation, probably an overcorrection of strategy, to focus on the top of the pyramid, which was more resilient in a time of turbulence ," Bain's global director of fashion and luxury, Claudia D'Arpizio , told Business Insider.

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Trend-setting experiences

Beyond objects, luxury experiences have established themselves as a growing trend. The report estimates that high-net-worth individuals spent €21.5 billion on exclusive travel, wellness, private retreats, and personalized tourism programs .

This shift in focus (from accumulating possessions to experiencing unique experiences) also reflects a growing preference for emotional luxury and the pursuit of transformative experiences.

Concentration of global wealth

The so-called ultra-rich represent only 0.006% of the world's population , but their collective wealth is around 51 trillion euros, that is, a third of the total wealth owned by all the millionaires on the planet. According to 'Business Insider', this economic concentration explains why luxury brands aimed at the most exclusive segment maintain good results, while others aimed at high-income consumers (but more sensitive to the situation) face more irregular demand.

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