In a world where wealth knows no bounds, the rich often indulge in extravagant purchases that defy conventional notions of value and necessity. From luxury yachts to rare artworks, the spending habits of the affluent offer a fascinating glimpse into a realm of opulence and excess.
Let’s delve into some of the craziest and most expensive things that the rich are known to buy and splurge their money on.
Superyachts
At the top of the list of extravagant purchases are superyachts. These floating palaces, often spanning several hundred feet in length, are equipped with state-of-the-art amenities such as swimming pools, helipads, movie theaters, and even miniature submarines. In 2010, Russian billionaire Roman Abramovich commissioned the construction of the world’s largest superyacht, Eclipse, for an estimated cost of $500 million. The yacht boasts features like two helicopter pads, a submarine, and a missile defense system, setting a new standard for luxury afloat.
Custom Airbus A380
For those who prefer the skies to the seas, private jets offer the ultimate mode of air travel. Saudi billionaire Prince Alwaleed bin Talal is known for his extravagant lifestyle, including the custom design of his Airbus A380 private jet. The aircraft, valued at over $500 million, features luxury accommodations, including a concert hall, Turkish bath, and garage for his Rolls-Royce cars.
Rare Artworks
The art world has long been a playground for the rich and famous, with masterpieces by renowned artists fetching staggering prices at auction. In 2017, the art world witnessed a historic moment when Leonardo da Vinci’s masterpiece “Salvator Mundi” sold at auction for a record-breaking $450.3 million. The painting, depicting Jesus Christ, was purchased by Saudi Arabia’s Crown Prince Mohammed bin Salman, adding to his collection of high-value artworks. Similarly, rare antiques and historical artifacts command top dollar at auction houses, with prices reaching into the tens or hundreds of millions of dollars.
Antiques
Fine wine and rare spirits have long been coveted by collectors and connoisseurs alike. Auction houses regularly see bottles selling for astronomical prices, with rare vintages fetching tens of thousands or even millions of dollars at auction. An 18th-century vase from China’s Qing Dynasty, for example, sold for a staggering $80 million at auction, holding the record for the most expensive antique ever sold.
Jewelry
Diamonds are forever, and for the ultra-wealthy, they are also a symbol of opulence and extravagance. Also called the Pink Star, the CTF Pink Star, is a flawless pink 59.6 carat diamond. It sold for HKD 553,037,500 ($71.2 million) at a Sotheby’s auction in Hong Kong on 4 April 2017. Beyond their intrinsic value, rare gems like the Pink Star are coveted for their beauty and rarity, making them highly sought after by collectors and connoisseurs alike.
Luxury Cars
For car enthusiasts with deep pockets, luxury automobiles are a must-have accessory. The most sought after car in the world, the 1963 Ferrari 250 GTO, is one of the most expensive cars available for purchase. It was sold to David MacNeil (USA) in 2018 for $70 million. From limited-edition Ferraris to bespoke Rolls-Royces, the world’s wealthiest individuals spare no expense in acquiring the latest and most exclusive models. Some even commission custom-built cars tailored to their exact specifications, with prices often exceeding several million dollars.
Luxury Watches
Watches are more than just timekeeping devices for the wealthy; they are symbols of status and prestige. The one-off stainless-steel edition of the Patek Philippe Grandmaster Chime Ref. 6300A sold for 31 million Swiss francs ($33.6 million) at an auction in Geneva, Switzerland, on 9 November 2019. With intricate craftsmanship and rare materials, luxury watches command astronomical prices at auctions, attracting collectors and enthusiasts from around the world.
Horses
The world of horse racing is not exempt from extravagant spending. A colt by the sire Forestry set a new record for the highest bid at a horse auction, fetching $16 million. This illustrates the lengths to which the wealthy will go to indulge their passions, even in the realm of equestrian sports.
Luxury Pens
The Fulgor Nocturnus by Tibaldi sold for $8 million at auction. Beyond its functionality, this pen serves as a symbol of wealth and status, with its black diamond bling reflecting the opulent tastes of its owner.
Luxury Perfume Set
Even the most mundane items can become objects of extravagance in the hands of the wealthy. The world’s most expensive fragrance, sold at $1.5 million, exemplifies this notion, with its exorbitant price tag elevating it to a status symbol coveted by the elite.
Rare Wine
Wine connoisseurs spare no expense in acquiring bottles of rare vintages, with prices often reaching astronomical heights. The 1995 Domaine de la Romanée-Conti Grand Cru sold for a world-record-setting $558,000 back in 2018, highlighting the allure of fine wines among the wealthy.
Celebrity Memorabilia
For some, the allure of owning a piece of history is irresistible, even if it comes in the form of a celebrity’s tooth. John Lennon’s tooth was auctioned off for a record-breaking $31,000, demonstrating the willingness of collectors to pay exorbitant sums for items associated with their idols.
Media House
Some of the ultra-wealthy extend their influence beyond traditional luxury purchases into the realm of media ownership. For instance, Jeff Bezos, the founder of Amazon and one of the richest individuals globally, acquired The Washington Post in 2013 for $250 million. This acquisition not only solidified Bezos’s presence in the media industry but also sparked discussions about the role of billionaires in shaping public discourse through their ownership of influential media outlets.
Private Islands
For the ultra-rich seeking the ultimate escape, private islands offer unparalleled exclusivity and privacy. These idyllic retreats boast pristine beaches, lush landscapes, and luxurious amenities, making them coveted possessions among the elite. From the Caribbean to the South Pacific, private islands command astronomical prices, with some properties fetching hundreds of millions of dollars. Whether used as personal sanctuaries or exclusive resorts, private islands represent the epitome of luxury living for the super-rich.
