8 Things Rich People Waste Their Money On

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Image of a person with a crown floating in a swimming pool surrounded by a golden mansion

What do Mike Tyson, 50 Cent and Nicolas Cage have in common?

If your guess was that each of them was worth millions, then you are right!

There are a lot of celebrities who rise to fame and fortune then disappear only to be heard from when they file for bankruptcy. While there are some who have risen to fortune again, there are those who are struggling to this day. And a lot of the struggle has to do with wasteful expenditure.

But broke celebrities are not the only ones spending lavishly. There are other millionaires/billionaires who are also spending a lot of money rather lavishly. Naturally, the next question is, how do these people manage to go through those millions and millions of dollars so quickly? And the answer lies in how they actually spent the money.

So, without further ado, let’s get into the 8 ways in which the rich waste their money.

1. Fancy cars that are worth more than 450 Toyota Corollas

Image of an Alfa Romeo Disco Volante

This is something that automatically tops the list since the rich are really the ones who can afford these cars. But there is a difference between buying a BMW 6 series to get to the office and an Alfa Romeo Disco Volante. It was reported on the TV series Top Gear that someone in Singapore paid an unbelievable S$2.6 million for the Alfa Romeo Disco Volante!

If you think that is expensive then try this on for size. Someone actually bought a 1962 Ferrari 250 GTO for a whopping S$51.7 million! This kind of money could fill a HDB carpark with Toyotas and Hondas!

Related: Average Cost of Owning a Car in Singapore

2. Buying rare/expensive animals because cute and cuddly is cheap

Image of a tiger in the wilderness

How can your friendly neighbourhood puppy be a waste of money? Well, it can’t, but when you talk about an octopus or the Bengal Tiger… that’s a whole other ball game. Nicolas Cage spent a reported S$200,000 on buying an octopus and Mike Tyson is said to have paid S$5,400 every month on the three Bengal Tigers that he owned.

But even that pales in comparison to the mind-boggling S$21.7 million that someone paid to buy the American racehorse, The Green Monkey.

3. Expensive clothes to shine like a diamond

Image of a woman dressed in an extravagantly frilly dress

If you think we are going to talk about buying a pair of expensive jeans from Prada, you got us wrong. Imagine buying a suit – the Stuart Hughes Diamond Edition – for about S$1 million. This is a suit that has 600 diamonds sewn into it.

On the other hand, the wedding gown that Kate Middleton wore for her wedding is reported to have about cost S$400,000.

4. Fancy phones that won’t make your reception any clearer

Image of an iPhone with a gold-and-diamond cover

We all love our iPhones, even if they tend to be a bit expensive. But some people take the price tag of the phone to a whole new level. Take the iPhone 4 Diamond Rose Edition for example. It was a simple iPhone 4 to start with. Then it was given the 4 rose panels, 500 diamonds, a case made from granite and a price tag… wait for it… of S$10.8 million!

A far cry from the S$1,000, or so, that we pay for the iPhone 7 eh?

Also Read: How to Save Money on Gadgets in Singapore

5. Lavish parties worth many times more than an average person’s lifetime income

Image of a group of friends clicking a group selfie while on vacation on a cruise boat

Everyone knows that the rich and the famous love to throw extravagant parties but sometimes bills go rather high. Take, for example, the wedding of India’s steel tycoon Lakshmi Mittal’s daughter. He is reported to have spent about S$81.6 million on the six-day event.

The Sultan of Brunei, known for his wealth, threw himself a birthday party for which he is reported to have spent S$36.7 million.

But all of this is nothing compared to what Liam, from One Direction, did. When attending his friend Wizkid’s birthday party Liam ordered a special bottle of champagne to toast the occasion. Seems like a normal thing to do, right? Well, the champagne in question was called the Taste Of Diamond and cost him about S$2 million!!! ON A BOTTLE OF CHAMPAGNE!!!

Also Read: 5 Tips to Remember When Planning Your Honeymoon So That You Don’t Come Back Broke

6. Extravagant gifts that make our jaws drop

Image of gold jewellery

You may think that your friend buying his or her boyfriend/girlfriend a car to be an extravagant gift. While we agree that buying someone a car, with costs being high, is rather extravagant, we feel that the late king of Saudi Arabia, Abdullah bin Abdulaziz Al-Saud could top that.

He presented former US President Barack Obama and his family with jewellery and accessories amounting to about S$1.7million!

7. Private islands that everyone will hear about

Panoramic image of an island in Fiji

While it is well known that a lot of the rich and famous own islands worth millions, the one that draws our attention is the one owned by Hamad bin Hamdan Al Nahyan. It is an island near Abu Dhabi, called Al Futaisi, on which the owner had a waterway constructed which, when viewed from space, read “HAMAD”, his name.

Now that is exclusive, even though the waterway has now been removed!

Related: A Singaporean’s Guide to Buying an Island in the Philippines

8. Everyday objects with a touch of (unnecessary) gold!

Image of gold-plated staples

Imagine this: you go shopping for the house and on your list are things like staples, razors and some soap and walk away with a bill of say about S$46. But if you were rich and famous, with too much money in the bank, you might end up spending close to S$140,000 on these three items.

You may be spending S$800 on 14K gold staples made by Garmentory, S$136,000 on a razor made out of iridium (the stuff that comes from meteorites) and S$3,810 on Qatar soap which is supposed to be infused with gold and diamond dust.

We’re still wondering if the last two are meant to promote or discourage hygiene!?!

Bonus wastage!

Another purchase that makes this list is a lock of hair, fingerprints and a photo of a dead man. Sounds like a strange assortment of things but a former employee of the CIA once sold these items for S$162,700. The reason they went for such a price was that they were supposed to have belonged to Che Guevara.

While the rich have the means to acquire these, the rest of us mortals need to make sure we spend wisely. To that end, here are some bits of wisdom you might consider checking out:

What would you buy if you had millions in the bank? Let us know in the comments below.

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