What an incredible waste.
Outside of charity what else are these people going to do with their money? If they are already 60 there isn't much point investing it for the future unless it is about the next generation.
The less wasteful way would have been to have taxation laws that prevented them accumulating that level of wealth to begin with.
I bought a new car recently and when someone saw it, they said "what? you couldn't buy a used one? What a waste!"
Since it was a 2013 with ~60k miles on it and just very well maintained, their statement said more about them than me.