A lifestyle business is one that you build to improve peoples' lifestyles (including your own) rather than to make billions. You can give one a 70-hour-per-week effort, or you can automate yourself out of necessity and get passive income.
You don't have to burn lots of hours and take degenerate risks to be passionate about something. I see Valve and Github as lifestyle businesses (proving the culture, not making the global rich list, is part of the goal) but I'm sure the leadership is quite passionate.