World’s Richest People Spent $290 Billion On Luxury In 2024

The globe’s wealthiest people are pouring document quantities into luxurious dwelling, with a brand new evaluation exhibiting they spent $290 billion on high-end items final yr.

The report, launched by wealth intelligence agency Altrata and knowledgeable by Bain & Firm’s analysis, highlights how the ultra-wealthy—outlined as these price greater than $30 million—are reshaping the posh market. Although they signify simply .006% of the worldwide inhabitants, this group controls practically $60 trillion, or about one-third of the wealth held by all millionaires.

That focus of sources is clear of their spending patterns. In 2024, this tiny fraction of society accounted for 21% of luxurious purchases worldwide. Main the way in which had been enterprise titans reminiscent of Elon Musk and Oracle’s Larry Ellison, whose fortunes exceed 12 figures.

Transportation dominated their expenditures. In keeping with Altrata, the ultra-wealthy funneled $129.5 billion into automobiles, yachts, and personal jets, with $100.9 billion spent on cars alone. Personal aviation and luxurious vessels added one other $28.6 billion to the full. Bain reported earlier this yr that yacht and jet gross sales — classes nearly solely funded by this demographic—rose 13% in 2024.

Smaller luxurious segments additionally commanded main outlays. Jewellery, watches, designer style, wine, and furnishings added as much as $115.6 billion, whereas high-quality artwork contributed one other $19.6 billion.

As middle-market consumers have pulled again, many luxurious labels have doubled down on courting the extremely rich. Heritage homes reminiscent of Hermès have thrived, whereas manufacturers like Gucci, which broadened its attain by means of extra reasonably priced collaborations, have stumbled.

“There’s been a sort of a refocusing, in all probability an over-correction of the technique, to give attention to the highest of the pyramid that was extra resilient in a second of turbulence,” Claudia D’Arpizio, Bain’s world head of style and luxurious, advised Enterprise Insider final yr.

The urge for food for experiences can also be increasing. Spending on luxurious hospitality hit $25.3 billion in 2024, with wellness tourism, spa retreats, and high-end journey journey like safaris seeing sturdy demand, Bain famous in its 2025 Luxurious Items Worldwide Market Research.

Nonetheless, not all outlays go towards indulgence. Whereas Altrata didn’t present figures for philanthropy in 2024, the agency famous that in 2023 the ultrawealthy donated $207 billion—practically matching what they spent on yachts and watches mixed.

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