Depending on your definition of very wealthy, a lot of luxury spending over the last decade is not from actual ultra rich, but mostly the middle class trying to signal something.
https://www.theguardian.com/fashion/2023/mar/30/succession-b...
Many have bought fancy houses (and some modest houses), a lot of them have nicer cars, but I literally don't know anyone who would fit the 'upper middle class' definition who spends money on high fashion, expensive watches, high end wine, etc.
The only people I know in my extended circle who buy that sort of thing either have many millions liquid from successful tech exits (as in, coudl retire) or inherited millions.
One thing that I have noticed about the new rich: They might not buy Hermes bags (yet), but they overspend on everything -- groceries, dining, housing, cars, schools, vacations. It adds up fast, and their net worth is surprisingly small.
No. Many are, but I know some fairly successful tech women who worked at FAANGs and made great money as well.
>but they overspend on everything -- groceries, dining, housing, cars, schools, vacations.
Yes, I guess I was trying to say that in tech focused circle in SoCal, traditional status symbols take a back seat to upgraded houses, vacations, and dining.
I don't know friends who buy themselves a rolex or fancy handbag if they get a huge bonus. They might treat themselves or friends to a high end dinner or a nice vacation instead.