https://www.washingtontimes.com/news/2014/sep/30/bill-gates-...
However if you appreciate a fine watch that does more than tell the time (and who's to dissect the whys and wherefores?) buy it and support the families of the workers who are part of the company that produce it. Someone sweeps the floor in their workshops and needs the job. Ditto all the other luxury goods.
If there were no idle rich to make expensive products for, (say they were all beamed off the planet to work in an alien slave mining facility) the end product that was produced from any job would defacto have to help those in the same or lower class of the worker, benefiting everyone.
In other words, what's better for the world, yet another rich man's yacht, or cheaper, better tasting loaf of bread that a poor person can buy and eat?
Buying a $20 watch will support some Chinese workers. Buying a $2K watch will support Japanese or Swiss workers. But I don't think buying a $20K watch will support workers any more than a $2K watch does. It probably depends on the company and the watch, but I think it's a safe bet that most of the markup at the extreme high end of the spectrum goes to a small number of managers and dealers.
Designing and making a mechanical watch with many complications takes a lot of time, so it's entirely possible to buy even a 200k watch where you are mostly paying for the actual labor (of a high-skilled professional/artist).