Come see how to make it rain like Warren Buffet rather than Lil Wayne We all have dreams of becoming disgustingly rich one day whether hitting the lotto or being wildly successful. Well if haven't struck it rich yet, allow yourself a few minutes to daydream and follow along with us as we break down some of the things that the uber-wealthy break the bank for.
$100 million dollar homes
Perhaps the most visible and important symbol of wealth (Ultra or otherwise) is the home that one owns. You might not live there, but you better have a crib that’s worth some serious dough if you want to be in the Rich and Famous club. The Ultra-Rich, of course, take this concept to the next level. The Ultra-Rich have homes that could house a small country in terms of size. Aaron Spelling’s home in Los Angeles, for example, is 56,000 sq feet! With over 120 rooms, it sits on 4.6 acres of prime LA real estate. And with a $150 million price tag, it can be yours if this fits your lifestyle.
The Ultra-Rich get ultra-bored. When making money, which these folks are obviously very good at, becomes ho-hum; the Ultra-Rich turns their sights to other pursuits. For some, government service in public office becomes a worthwhile endeavor. To their credit, they aren’t doing it for the money – we all know that government service doesn’t pay what these guys can make in a day. Whatever the personal motivation, some of the Ultra-Rich have been very successful in the political arena. The current mayor of New York City is a shining example. Michael Bloomberg is listed as the 8th richest person in America, with a portfolio that is valued in the $18 billion range. By far, he is the richest person holding public office.
It’s understandable that rich folks are generally busy doing what they do and so they hire assistants. But for the Ultra-Rich, the concept of help has reached ridiculous levels of hedonism. Take mega superstar Mariah Carey. You might not be a Mariah fan, but her work has allowed her to amass a fortune that has an estimated value of $500 million. With that wealth, Mariah has taken the concept of luxury to new heights. Ms. Carey employs a battalion size staff that literally caters to her ever whim (whim, not need mind you). The woman has an assistant whose sole job is to carry around sanitary hand wipes to give to Carey after she shakes hands with anyone.
A Sports Franchise
A lot of us are sports fans- we love our basketball, football, baseball, etc. We go to the games and we sport the team apparel in support. And that’s about it. Only big boys (and girls) have enough paper (that’s money for those of you who aren’t hip) to purchase their very own professional sports team. What sports fan hasn’t wanted to be the ‘the man’ of their favorite franchise and be able to chart the winning course! For most of us, this is about as likely as hitting the lottery.
The Ultra-Rich only deal in the grand and this definitely includes the yachts that spark their interest or even get their attention. Super yachts, by definition (and I looked this up), is any yacht that measures 80 feet or longer. Well, the Ultra-Rich find the number meager. At least Roman Abramovich (the Russian billionaire business tycoon) does: he happens to own the largest yacht (at least currently) in the world. His super yacht, the Eclipse, measures out at 531.5 feet. This, of course, to go along with his 282 ft yacht, the Ecstasea; and the 377 ft yacht, the Pelorus. It’s best, apparently, to have a set of yachts.
A Television Network
If you want to make money and you’re a public figure or entertainer (i.e. talk show host, singer, etc.), then your horse is usually tied to whichever production company is willing to support you. Sure, if you’re successful, you will reap a benefit; but the vast majority of the funds you generate are going to go to the company you work for. The solution to this (as well as the ability to chart one’s own creative and visionary course) is to own your production company. Of course this is easier said than done – the large media conglomerates hold a monopoly on any type of real control in this arena. It takes real money and leverage to do otherwise.
The wealthy tend to value their privacy and nothing (really!) can be more private than your very own island. Picture a tropic getaway: beautiful weather, crystal clear water, sandy beaches… all nestled away on a small speck of land in the middle of the ocean. Surprisingly (at least to me), real estate of this nature is available for purchase – if you have that type of cash to afford it. Mega superstar Mel Gibson ponied up $15 million for his Mago Island (located in Fiji), while the Magic Man himself, Mr. David Copperfield (who pulls in a whopping $57 mil a year) owns not one, but a slew of small islands in the Bahamas.
Submarines. Really. Apparently yachts are no longer the sole nautical symbol of extreme wealth. It seems that the Ultra-Rich are now very interested in doing their best impressions of Captain Nemo and have taken to the depths of the world’s oceans and seas. But even Jacque Costeau would marvel at the technological wonder of these modern-day submersibles for play. And believe me, these are toys that only the rich can afford. Super venture capitalist Tom Perkins had to lay down a cool $1.5 million for his Super Falcon sub, just to give you a hint.
Mr. Buffet has stated that he intends to leave his entire fortune to the (charitable) foundation upon his death. I don’t know how his heirs feel about this, but that’s certainly a charitable contribution considering his net worth is $50 billion. No doubt his legacy is one that will stand the test of time.
Marriage is a special commitment and getting married is a special occasion. The average wedding in the US will set a normal couple back about $24,000. Personally, I thought that figure was a little on the high end – but I’m cheap. For the Ultra-Rich, $24,000 probably wouldn’t pay for the flowers. Take the wedding of Sheik Mohammad bin Zayed bin Sultan Al Nahyan (whew!). This gentleman is the crown prince of Abu Dhabi and he was getting married (to a princess, in fact!). Well, when you’re a prince of a very oil rich nation, no expense is to be spared for something as special as marriage. His parents commissioned for a 20,000 seat stadium to be built for the occasion. The total cost for what turned into a week-long celebration (the prince visited and fed the residents of every town in the small country) was close to $100 million (when adjusted for inflation – this took place in 1981).