The spending of the super-rich is no longer just about stuff and status. It’s more about memories and moments ... and lots of home renovations.
A new study from Spectrem Group, the Lake Forest, Ill.-based research group, shows that people with a net worth of $25 million spend far more on vacations and home renovations than they do on clothing, cars, and jewelry.
The survey showed that nearly half of the respondents spent more than $25,000 a year on vacations or leisure travel. More than a third spent more than $25,000 on home improvements. Vacations and home improvement were among the top categories for the spending of the ultra-wealthy.