This is how the world's richest people spend their money

"The ultrawealthy make up 1% of the world's millionaires - and .006% of the world's total population - but their wealth is outsize. Their cumulative wealth totals nearly $60 trillion, accounting for about one-third of the wealth held by all millionaires. That total is driven by business leaders like Elon Musk and Larry Ellison, whose net worths are each well into the 12 figures."

"Luxury transportation represented the bulk of their spend. The uberrich poured $129.5 billion into the category, spending $100.9 billion on luxury cars, and $28.6 billion on private jets and yachts. Sales of jets and yachts - two categories almost entirely bankrolled by the ultrawealthy - grew 13% last year, according to a January report by Bain. Another $115.6 billion went toward smaller-scale luxury goods, such as jewelry, watches, fashion, fine wines, and furniture, Altrata found."

Ultrawealthy individuals worth more than $30 million collectively spent $290 billion on luxury goods last year, accounting for 21% of individual luxury expenditures. They comprise 1% of millionaires and 0.006% of the global population, holding nearly $60 trillion in cumulative wealth. Luxury transportation dominated spending at $129.5 billion, with $100.9 billion on cars and $28.6 billion on private jets and yachts; sales of jets and yachts grew 13%. Smaller-scale categories received $115.6 billion, while fine art accounted for $19.6 billion. Luxury brands have increasingly targeted ultrarich customers as aspirational shopper demand softens.

Read at Business Insider