Sunday, February 25, 2024
CEOWORLD magazine - Latest - Tech and Innovation - Where do rich people like to spend their money?

Tech and Innovation

Where do rich people like to spend their money?

Demand and supply are probably the first lessons taught in economics. The world is overproducing and overconsuming. We consume more than we need, and still, we produce more than we even consume. Crazy, but the reality is that rich people do not consume much more products than the rest of humanity. However, they buy and consume extremely more expensive stuff. But what are their preferences? Selling to wealthy audiences is quite profitable also.

The profit ending up from sales to rich people has proven to be most of the times more extensive compared to other people. Understanding their preferences can help people grow their business as well. There are some well preserved during the years and basic things rich people turn their interest in.

Some of them are only sold by high-class companies, but some things can be found in the retail market. These products are almost fundamentals for their culture, and we love taking a quick look into these. Here are some of the finest likes that rich people tend to spend fortunes in.

  1. Art
    Art is the pill to a calm heart, and it is necessary for our civilization. Rich people do not underestimate its significance and make sure that they owe various pieces in their collection. Over the last decade, there has been an increase of over 220% in the art industry prices. This implies that buying art should not be considered only as a hobby but also as an investment. The possession of art pieces also increases the prestige of this group of people, which is also translated into money in a less obvious way. The direction art has taken has been criticized a lot ever since the prices started to take the up road, implying that the meaning of art has completely changed. However, the industry is still doing well and is not expected to note any kind of decrease.
  2. Private islands
    This has been a trend for many years, and we guess it is worth the money. Imagine having the possibility to isolate yourself on an island and pick the company you want to join. It is a luxury that most people will never have the chance to enjoy, and it is probably one of many people’s dreams. Some millionaires actually have more in mind than just going on vacation. The activist Leonardo Di Caprio, for example, bought an island with the ambition to turn it into an eco-resort. The Necker Island in the British Virgin Islands, the island of Scorpios in the Ionian Sea in Greece, and many others seem to have the same luck and host eminent personalities.

  3. Fossils
    Believe it or not, it is a trend of nowadays world. When you need to outstand from the crowd, and people seem to have bought everything, you have to turn into more eccentric choices. The prices here seem to follow different rules than the rest of the market, and they can rise extraordinarily. Whatever you buy is authentic, and original and there is no copy of that in the entire nature. Consider that the price for a dinosaur skull reached a tremendous amount of $ 276,000 in 2007 when Nicolas Cage placed the order.
  4. Superyachts and jets
    It would be ridiculous to have in your property your own island and not have your own plane. Superyachts, private aircraft, and helicopters are transportation for the rich ones. Leaving the ground and ruling transportation through air and sea is marvelous. It is also very convenient.

    It is not only the level of facilities that can be offered, but it is also the ability to schedule anything you set your mind to within the last minute. The people who work for this service are very well paid, and they are trained to provide the highest quality of services. Especially, superyachts are literally private hotels on water. Whether you find yourself in there as an owner or as a guest, the experience will be amazing.

  5. Car collections
    While jets and superyachts are fancy just as they are, cars need to have an extra characteristic to become exceptional. Modern expensive cars are more common and even though they carry a great amount of technology and research on them, for some reason seem to have lost rich people’s attention.

    This possibly has to do with the direction we take as humanity to focus on eco-friendly solutions for our transportation in general. Still, people have to quench their thirst and passion for the four wheels. Car collections are here to fulfill buyers’ expectations, and they are doing fantastic.

Written by Anna Siampani.

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CEOWORLD magazine - Latest - Tech and Innovation - Where do rich people like to spend their money?
Anna Siampani
Anna Siampani, Lifestyle Editorial Director at the CEOWORLD magazine, working with reporters covering the luxury travel, high-end fashion, hospitality, and lifestyle industries. As lifestyle editorial director, Anna oversees CEOWORLD magazine's daily digital editorial operations, editing and writing features, essays, news, and other content, in addition to editing the magazine's cover stories, astrology pages, and more. You can reach Anna by mail at