- The world's richest people spent $234 billion on luxury goods and services in 2016, with the largest share spent on travel, cars, and jewelry.
The world's richest people have incredible spending power.
In fact,
Rich people with at least $30 million — also known as ultra-high net worth — held about $30 trillion in combined assets as of 2016, according to data from Wealth-X and Camper and Nicholson featured in a recent reportfrom Coldwell Banker.
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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 $2.7 trillion.
In 2016 alone, rich people spent a total of $234 billion on luxury goods and services, which includes private jets, clothing, jewelry, art, and cars.
Below, check out how much rich people spend annually in 12 categories.
Travel and hospitality: $45 billion a year
Cars: $40 billion a year
Jewelry and watches: $25 billion a year
Art: $25 billion a year
Private aviation: $23 billion a year
Yachts: $22 billion a year
Apparel: $15 billion a year
Accessories (i.e. sunglasses, luggage, handbags): $12 billion a year
Home goods: $8 billion a year
Wine and spirits: $8 billion a year
Food: $7 billion a year
Beauty: $4 billion a year