6 Luxury Items Rich People Don’t Usually Buy
Written by
Caitlyn Moorhead
Edited by
Ashleigh Ray
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The luxury goods of the world’s richest people like Elon Musk or Mark Zuckerberg are aspirational, but probably out of reach for the average shopper’s income level. However, in a world where the affluent often signify their status through expensive purchases, it’s intriguing to note that some of the largest luxury items even the uber-wealthy hesitate to buy.
The bottom line is that the spending habits of the rich reveal a preference for quality, functionality and subtlety over mere extravagance. This list of luxury items underscores a nuanced understanding of luxury — one that values practicality and value over opulence.
Even if you’re not Jeff Bezos or Bill Gates, you might be curious as to what’s on their shopping list. Here’s a look at some high-end items that surprisingly don’t make the cut for the super-rich and famous.
Overly Flashy Cars
While many rich individuals enjoy purchasing high-end vehicles, many still avoid flashy cars. There’s no reason to advertise “please rob me” with overly ornate features or amenities.
Cars that are excessively ostentatious like a Bugatti or Rolls-Royce, often come with gaudy modifications. Wealthy people tend to prefer vehicles that combine luxury with subtlety, valuing performance and comfort over mere showiness.
For example, Warren Buffett drives a 2014 Cadillac XTS that he bought with hail damage as he prefers to live frugally.
Mega Yachts
Mega yachts are synonymous with wealth and luxury, but not all rich people are keen on owning one with or without specific financial services. The maintenance, crew and docking fees can be astronomically high, making them a less practical choice, even for the wealthy.
Instead, they might opt for smaller yachts or prefer to rent when needed. Not to say that rich people don’t make this purchase. For instance, Larry Ellison, one of the richest men in the world, owns a mega yacht called Musashi which he purchased in 2011 for $160 million.
Private Islands
Owning a private island might seem like the ultimate luxury, but it’s not always appealing to the wealthy as the varying price tags for this purchase would even make a billionaire blush. The challenges of developing and maintaining an island, along with the isolation, make it a less desirable investment for many as the overhead for maintenance, infrastructure and staffing alone would be more than most could afford.
Some multi-billionaires do make these extravagant purchases such as in the case of Bernard Arnault who owns Indigo Island, a 135-acre private island in the Bahamas he purchased for an estimated $35 million. (Don’t worry he isn’t strapped for cash as the island is available for rent for about $300,000 per week.)
However, more standard high-net-worth individuals often prefer properties in prime locations that offer both privacy and accessibility, without creating their own zip code.
Extravagant Personal Electronics
Luxury smartphones, often encrusted with diamonds or made from rare materials, might seem like a perfect fit for the rich. However, many wealthy individuals shy away from these. They prefer functionality and practicality, opting for standard high-end smartphones that offer advanced features without the unnecessary bling.
This also holds true for gold-plated electronics, such as laptops or kitchen appliances. These may seem like a luxurious choice, but the wealthy often avoid these purchases too. The functionality of these items is more important than their appearance or accompanying Louis Vuitton carrying case.
High-End Collectible Toys
You might assume that the rich would be interested in collectible and rare toys filled to the plastic brim with historical significance, nostalgia or simply a high value. Surprisingly, this niche market doesn’t always attract wealthy buyers. The rich often prioritize investments that appreciate, and high-end collectible toys don’t always meet this criterion.
Luxury Pet Accessories
From diamond-studded collars to designer pet clothing, the market for luxury pet accessories is vast. However, many wealthy pet owners prefer practicality over extravagance for their furry friends.
The rich tend to choose high-quality, durable products that offer comfort and utility rather than opulent accessories — like the most expensive dog collar in the world, which is a $3.2 million, diamond-studded Amour Amour brand pet accessory, once called “the Bugatti of dog collars.”
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