I Asked ChatGPT How Billionaires Spend Their Money: These 5 Were Actually Good Ideas
Written by
Laura Bogart
Edited by
Jenna Klaverweiden
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Many people have daydreamed about what they’d do with billions of dollars at their disposal. Naturally, these daydreamers ponder some of the more glamorous aspects of being ultra-wealthy — like drool-worthy mansions outfitted with elite technology. And speaking of outfits, the ability to dress in high fashion is also a perk.
Of course, that’s not the only great part of being a billionaire. You can also fund your passion projects. Through charitable donations and supporting global organizations, you could help save millions of lives.
Heck, I daydream about being a billionaire too. I imagine the fancy cars and houses I’d buy for friends and family, the dog rescue I’d start, and the charities I’d donate to — and yeah, the nice clothes and treats I’d enjoy.
Still, I was curious about how billionaires actually tend to spend their wealth. If nothing else, I figured it would add more fodder to my fantasies — so I asked ChatGPT. And I got some surprisingly good ideas.
Also see how the world’s richest billionaires spent their first $1 million.
Luxury Splurges With a Purpose
Unsurprisingly, ChatGPT kicked off with luxury splurges. Some luxuries feel more practical than others — luxury cars are one thing, but does the average person really need a submarine? Or a helicopter? Those seem like items Batman might need to fight crime, while most people would be fine with a fast car or even a private plane.
Personally, I preferred the mention of fashion, jewelry and art — not just because they’re beautiful to look at but also because you can pass them down to family, museums or auction houses.
ChatGPT also noted that, in addition to elite travel — worthwhile for the opportunity to share once-in-a-lifetime experiences with people you love — billionaires often spend big on “multimillion-dollar homes in various countries, private islands, luxury penthouses and historic estates.”
Real estate can be a smart investment on its own. It’s also a meaningful way to leave an inheritance to children and grandchildren — or even to charitable organizations. Personally, I’d love to have a private island for my aforementioned dog rescue.
Reinvesting In Business or New Ventures
ChatGPT made it clear that many billionaires don’t just lounge in luxury. They’re still actively building their businesses or launching new ventures. Think of Mark Cuban and Cost Plus Drugs — work that fuels his entrepreneurial spark while helping people save money on medications.
To explain how billionaires stay in the game, ChatGPT listed a few key options:
- Reinvesting in their own companies: To expand operations, enter new markets or acquire competitors
- Startups and venture capital: Funding early-stage companies, especially in industries they care about
- Private equity and hedge funds: Using capital to grow wealth even further.
Between the opportunity to increase their wealth and fuel their passions, this sounds like a smart use of billionaire bucks. I know that if I had Cuban-level money, I’d be scouting for a startup innovating in women’s health — and if I got even wealthier in the process, all the better.
Philanthropy
Everyone knows that famous quote from Spider-Man: “With great power comes great responsibility.” And great wealth, of course, brings power — so it’s no surprise that philanthropy appeared on ChatGPT’s list of billionaire spending.
ChatGPT referenced The Giving Pledge, which was founded by Warren Buffett, Bill Gates and Melinda French Gates. It encourages billionaires to donate most of their fortunes.
In addition to participating in these larger initiatives, billionaires can donate directly to “universities, hospitals, research centers or global relief organizations.” They can also launch their own charitable foundations dedicated to causes close to their hearts — like, say, helping pets live forever.
Influence and Legacy Building
Even if you’re not sure Elon Musk’s SpaceX missions are the best use of money, you can’t deny that billionaires are trying to leave their marks — from the depths of space to the media you consume. As ChatGPT put it, “Some billionaires spend money to shape culture, politics or science.”
Citing Jeff Bezos’ purchase of The Washington Post, ChatGPT pointed out that billionaires are increasingly investing in media. They also expand their influence through political donations or by sponsoring innovations in science and technology via think tanks and research projects.
Security
To quote the famed poet Notorious B.I.G., “Mo’ Money Mo’ Problems.” For billionaires, security is one of the biggest. It’s no wonder ChatGPT noted that many spend heavily on personal protection — and that’s a smart move.
Whether it’s private jets or private foundations, billionaires have a lot of smart ways to use their wealth. Some spend a lot to boost their businesses, while others focus on social causes. Truthfully, most do a mix of both.
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