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

The globe’s wealthiest people are pouring file 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 value greater than $30 million—are reshaping the luxurious market. Although they symbolize simply .006% of the worldwide inhabitants, this group controls almost $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 best way had been enterprise titans similar to Elon Musk and Oracle’s Larry Ellison, whose fortunes exceed 12 figures.

Transportation dominated their expenditures. In accordance to Altrata, the ultra-wealthy funneled $129.5 billion into vehicles, yachts, and personal jets, with $100.9 billion spent on vehicles 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 totally 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 superb artwork contributed one other $19.6 billion.

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

“There’s been a form of a refocusing, most likely an over-correction of the technique, to deal with the highest of the pyramid that was extra resilient in a second of turbulence,” Claudia D’Arpizio, Bain’s international head of style and luxurious, informed 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 robust demand, Bain famous in its 2025 Luxurious Items Worldwide Market Examine.

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—almost matching what they spent on yachts and watches mixed.

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