The globe’s wealthiest individuals are pouring record amounts into luxury living, with a new analysis showing they spent $290 billion on high-end goods last year.
The report, released by wealth intelligence firm Altrata and informed by Bain & Company’s research, highlights how the ultra-wealthy—defined as those worth more than $30 million—are reshaping the luxury market. Though they represent just .006% of the global population, this group controls nearly $60 trillion, or about one-third of the wealth held by all millionaires.
That concentration of resources is evident in their spending patterns. In 2024, this tiny fraction of society accounted for 21% of luxury purchases worldwide. Leading the way were business titans such as Elon Musk and Oracle’s Larry Ellison, whose fortunes exceed 12 figures.
Transportation dominated their expenditures. According to Altrata, the ultra-wealthy funneled $129.5 billion into cars, yachts, and private jets, with $100.9 billion spent on automobiles alone. Private aviation and luxury vessels added another $28.6 billion to the total. Bain reported earlier this year that yacht and jet sales — categories almost entirely funded by this demographic—rose 13% in 2024.
Smaller luxury segments also commanded major outlays. Jewelry, watches, designer fashion, wine, and furniture added up to $115.6 billion, while fine art contributed another $19.6 billion.
As middle-market shoppers have pulled back, many luxury labels have doubled down on courting the ultra wealthy. Heritage houses such as Hermès have thrived, while brands like Gucci, which broadened its reach through more affordable collaborations, have stumbled.
“There’s been a kind of a refocusing, probably an over-correction of the strategy, to focus on the top of the pyramid that was more resilient in a moment of turbulence,” Claudia D’Arpizio, Bain’s global head of fashion and luxury, told Business Insider last year.
The appetite for experiences is also expanding. Spending on luxury hospitality hit $25.3 billion in 2024, with wellness tourism, spa retreats, and high-end adventure travel like safaris seeing strong demand, Bain noted in its 2025 Luxury Goods Worldwide Market Study.
Still, not all outlays go toward indulgence. While Altrata did not provide figures for philanthropy in 2024, the firm noted that in 2023 the ultrawealthy donated $207 billion—nearly matching what they spent on yachts and watches combined.
RELATED CONTENT: Men Who XCEL: John Hope Bryant To Be Honored At The 2025 ‘XCEL Summit For Men’
