Top 10 Expenses of Billionaires (And How Much It Really Costs to Live Like a Billionaire)
By Nora Mathe
Billionaires can afford all the luxuries in the world, which is not surprising. When you have all the money in the world, you can live like a king or queen.
But a billionaire’s lifestyle comes at a cost, as well, a much higher one than that of a regular person.
Keeping million-dollar mansions in order and paying for private jets is a costly business. Let’s have a look at the top 10 expenses of the billionaires of our world!
10. Private Jets
Billionaires on the go often purchase private jets for easier and more comfortable trips. But the upkeep, staff, and the jet fuel that go into such machines are quite costly. Jeff Bezos owns a private jet worth $65m, and billionaire businessman Mark Cuban bought his own jet online for a whopping $40m, making this the largest ever online purchase.
According to the Wall Street Journal, Michael Dell owns a Boeing 787 Dreamliner, a very large plane that can transport up to 250 people. If you don’t own a private jet, renting one costs around $90k, which is quite cheap for someone whose wealth is unfathomable.
9. Luxury Yachts
Many billionaires indulge themselves in vacationing on yachts, or even sailing across the ocean in one to reach their destination. The billionaire couple Beyoncé and Jay-Z are known to spend time on yachts, and Shahid Khan’s 312-foot yacht charters weekly for $1.29m.
Keeping a luxury yacht can cost around $5,900 daily, and the spending doesn’t end with buying one. Docking can cost up to $350K annually, while paying for upkeep and staff wages can climb up to $1.4m per year.
8. Luxury Cars
A billionaire’s vehicle is part of their image and brand. Thus, traveling in style is expected. Many of the world’s wealthiest invest in luxury cars such as Ferraris, Rolls Royces, or Bugattis. The cost of such vehicles may be over $3m, but servicing them only adds to the bill.
Yahoo! Finance reports that maintaining such cars can come to a cost of $411 per day. Changing the tires on a luxury car costs around $30K, and paying for insurance and other taxes for such expensive vehicles can round up to over $150K annually.
7. Vintage Cars
Many billionaires indulge themselves in owning expensive vintage car collections. These vehicles may be old, but they are not cheap in the slightest! Reportedly, Elon Musk bought the Lotus Esprit submarine car used in the 2013 James Bond movie for a whopping $90K. He also owns a Ford Model T and a Jaguar E-Type.
The Walmart Family’s Rob Walton used to own a Daytona Coupe, which cost him around $15m. Owning vintage cars is all about collecting, showcasing, and caring for them, while the wealthiest of the world also own luxury vehicles that they use on a daily basis.
Art is an expense most of us can’t afford, but billionaires have the means to invest in artworks we can only see in museums. Bernard Arnault, Europe’s richest person with a net worth $102.7B, owns artwork by Jean Michel Basquiat, Damien Hirst, Andy Warhol, and Pablo Picasso, among others.
François Pinault owns $1B worth of artwork; he invested 10% of his net worth into art. His collection includes pieces by Damien Hirst and Jeff Koons, and his collection of over 2000 individual works is displayed in two museums in Venice.
The top 10 most expensive homes owned by billionaires all cost more than $100m. The world’s wealthiest splurge incredible amounts of money on their mansions, the most expensive ever bought being the Antilia in Mumbai, India. Building the twenty-seven-story skyscraper cost over $1B. Despite its massive size, its owner, Mukesh Ambani, uses it for himself and his family. The mansion is valued at around $2b today.
Bill Gates’s Xanadu 2.0, a high-tech complex at Lake Washington, USA, is valued at $154m and sprawls out over 66K square feet.
4. Real Estate
On top of owning incredible mansions, most billionaires invest their money in real estate, this way they continually boost their earnings. Michael Bloomberg owns between 12 and 15 houses around the world. Donald Bren owns over 60K apartments around the United States.
Chinese billionaire Hui Ka Yan invests his money into real estate. In 2017, after his company’s soaring success and his smart real estate investments, he became the richest man in China.
A billionaire’s life is not just about figuring out how to make more money. Such wealth can buy incredible luxury and entertainment of the highest quality. The key to building such empires is networking and keeping in contact with others, so many billionaires are reportedly spending fortunes on parties.
Stephen A. Schwarzman celebrated his 60th birthday in style, reportedly spending over $5m on the event, but for his 70th, he spent four times the amount. He dropped over $20m on that birthday!
The cost of luxury food and drink for such parties is no laughing matter, either. A bottle of 2009 Dom Perignon costs over $2K. Many billionaires invest their money in sports teams, for their and our entertainment. Jerry Jones bought the Dallas Cowboys for $140m, while Mark Cuban bought the Dallas Mavericks for $285m.
Although they definitely lead a lavish lifestyle, some billionaires are mindful of the fact that the amount of money in their hands is unfathomable, compared to the rest of the world’s population. So, many of them offer chunks of their wealth to various charity organizations.
Bill Gates donated over $36b to charities supporting global health and US education through the Bill and Melinda Gates Foundation. The co-founder of WhatsApp, Brian Acton, launched many charity organizations to help low-income families. Even Warren Buffet, who is known to be a very frugal spender, donated to and has supported many charities over the years. He has reportedly donated $28.5B in his lifetime.
1. Daily Life
Billionaires are just like us; they have basic needs and spend on food, clothing, and other daily expenses. Of course, their bill comes to a much higher sum than that of an average person. A personal trainer for a billionaire can cost around $1,340 for an hour. Most billionaires don’t cook their own meals; the average cost of a personal chef is $515 daily.
Taking care of the children is no cheap task, either: hiring a nanny can cost $220 daily. If you’re a busy billionaire with children, you most likely need one. To keep up with such a hectic schedule, most billionaires likely have a personal assistant, which costs them around $246 daily.
Keeping those costly mansions clean and tidy can take a daily $270 check out of the billionaires’ pockets, while personal security around the home and on the go is incredibly important and quite costly. Keeping all that wealth safe can cost $21K daily!
If we add up everything we mentioned in this article, a billionaire’s lavish lifestyle can cost over $150k daily!
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