4 Things Wealthy People Spend Money on During the Holidays
Written by
Andrew Lisa
Edited by
Amber Barkley
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Most people spend the holiday season balancing a desire to splurge on their loved ones with the realities of their financial limitations.
But for the rich, the closing weeks of the year offer a chance to put their massive stacks of money to good use — but that doesn’t mean they blow through cash just because they can.
“Wealthy individuals approach holiday spending with a strategic mindset, balancing indulgence with long-term financial priorities,” said Brian Quigley, founder at Beacon Lending. “Instead of splurging on every luxury, they invest in experiences that align with their values and contribute to personal growth. This could involve curated travel experiences, high-end cultural events or exclusive, meaningful gifts for loved ones.”
Here’s what the rich spend money on during the holidays.
Philanthropy and Charitable Giving
At the end of November, a wealthy couple named Gary and Donna Slaight donated $10 million to alleviate food insecurity as part of their annual holiday charity efforts. They’re hardly alone.
“Wealthy individuals often allocate funds for philanthropy during the holidays, supporting charitable causes and making a positive impact in their communities,” said Quigley. “While they may enjoy occasional extravagance, their spending reflects a thoughtful consideration of priorities, ensuring that wealth is used for both personal fulfillment and societal contribution.”
Travel and Experiences
Ashley Vincent, a financial expert and the owner of Home Investors, has noticed that the rich people she works with are often nowhere to be found during the holidays.
“During the festive season, wealthy individuals tend to prioritize unique experiences over material possessions,” she said. “Many opt for unforgettable travel adventures, splurging on private jets, luxury resorts or exclusive holiday cruises to exotic destinations.”
Baruch Silvermann, financial expert and CEO of The Smart Investor, has noticed the same pattern.
“Wealthy people often make their holidays extra special by splurging on fancy trips that are way more than the usual vacations,” Silvermann said. “Instead of going to regular tourist spots, they might choose to fly in their own private jets, making the journey quick and exclusive to cool, far-off places. This isn’t just about being comfy and having some privacy. It’s also about having the freedom to plan the trip exactly the way they want, without being stuck to regular flight times.”
The destination is typically as posh as the journey.
“When they get to where they’re going, rich folks look for the fanciest places to stay, like private villas, super-exclusive resorts or really high-end boutique hotels,” said Silvermann. “They often go beyond traditional sightseeing, opting for curated and unique experiences. This may include private tours of historical sites, exclusive access to cultural events or even behind-the-scenes encounters with local artisans.”
Hosting Lavish Parties
Some people live to host holiday parties, and for most of them, budgeting is part of the process to make sure the cost of food, decorations and even hired help doesn’t pile up too high. The rich are no different in that some of them look forward all year to hosting the season’s hottest holiday party — but they have the luxury of not sparing any expenses.
“Hosting or attending exclusive events and parties is also a common holiday ritual, involving the rental of prestigious venues, the hiring of renowned entertainers and the curation of guest lists filled with influential individuals,” said Vincent.
Malcolm Ferrante, an expert in international finance, investments and taxation who currently leads the investment migration ynit at CSB Group, sees the same trend among his wealthy clients.
“While a normal Thanksgiving meal is around $64, the wealthy often indulge in luxury meals costing thousands, featuring premium ingredients and exclusive experiences,” he said.
Giving Gifts — Really Awesome Gifts
The ultra-wealthy exchange gifts the same as everyone else — but also much different than everyone else. While you’re browsing the flash deals on Amazon, they’re plunking down five figures, six figures or more on gifts so exclusive that they’re often not even advertised.
“Gift-giving takes a personalized and high-end turn, with a focus on bespoke jewelry, custom-made items or limited-edition luxury goods,” said Vincent.
In its 2023 billionaire gift guide, EliteTraveler recommends spoiling the aristocrat in your life with an 80 Sunreef Power Eco yacht, a 10.21-carat Louis Vuitton, Deep Time Origin diamond necklace, a Go2Africa Ultimate Safari trip for $170,925 per person, an $86,000 Graff Diamond line necklace, a $115,000 Audemars Piguet Code 11:59 watch, a $45 million island in the Caribbean called Royal Island, a Virgin Galactic trip to space or, if you’re a little light in the wallet, a Fabergé Heritage Palais Rose Gold Collection Dragon pendant for just $9,324.
More From GOBankingRates
