What Millionaires Actually Splurge On (And What They Skip): A Money Manager's Inside Look at Wealth Spending Patterns

When you manage finances for ultra-high net worth clients, you start noticing patterns that contradict popular assumptions about wealth. Turns out, billionaires and millionaires don’t automatically spend differently just because they can. Some buy just for fun like everyone else; others are stingy to the bone.

Warren Buffett, worth billions, still lives in the same modest Omaha house he bought in 1958 for $31,500—now valued around $1.44 million. He’s said he’d have made more money renting it out, but he “couldn’t imagine having a better house.” That’s the paradox of wealth: more money doesn’t always mean more spending.

The Spending Philosophy Gap

According to Ken Eyler, CEO of Aquilance (a firm managing finances for high-net-worth families), and Joe Farren, the company’s President, wealthy individuals fall into two camps. Some are obsessively frugal; others throw money at luxury without blinking.

“Spending decisions are entirely personal,” Eyler notes. “We have high net worth clients shopping at dollar stores right next to those buying everything premium.”

This matters because when ultra-wealthy people don’t track expenses carefully, they leak money in surprisingly ordinary ways—the same ways everyone does.

Three Expense Categories Wealthy People Escape (But You Might Not)

No More ATM and Bank Fees

The first advantage of wealth isn’t flashy: it’s boring. High net worth individuals rarely pay ATM fees, wire transfer charges, or monthly account maintenance fees. Their bank balances qualify them for premium accounts with zero fees.

The good news? You don’t need millions to access this. Banks increasingly offer fee-free checking with no minimum balance requirements and no overdraft penalties. Shopping around takes 30 minutes and could save you hundreds yearly.

Late Fees Become Irrelevant

When you’re wealthy, autopay isn’t a luxury—it’s standard practice. Set it and forget it. The bill gets paid automatically before the due date, and late fees never enter the equation.

Again, this isn’t exclusive to millionaires. Whether you earn $30K or $300K annually, autopay works the same. Some utilities and credit card companies let you pick your due date around payday so funds are guaranteed available. Late fees are entirely avoidable with basic planning.

Fine Art: Investment, Not Decoration

Here’s where wealthy spending gets interesting. Farren observes that high net worth clients rarely buy cheap reproductions of famous paintings. Instead, they purchase originals, signed limited editions, or museum-quality reproductions when originals aren’t accessible.

Why? Wealthy people understand that fine art appreciates. Hang it on your wall for five years, then sell it for profit. It’s a win-win that poor and middle-class households rarely consider because they’re thinking about decoration, not asset accumulation.

Where Millionaires Waste Money (Just Like Us)

The dirty secret: wealthy people waste money too.

Subscription Creep

Netflix, Microsoft 365, Adobe Creative Cloud, Spotify, Apple TV+, Disney+, Hulu…the list never ends. Eyler’s clients lose track of their own subscriptions regularly.

“We see them pay for the same thing multiple times with different logins,” Farren admits. “They have Netflix, their spouse has Netflix, their kids have Netflix—all charging to different cards.”

Because wealthy individuals can absorb duplicate charges without noticing, this leakage continues unchecked. A middle-class household immediately feels an extra $15/month; a millionaire’s accounting might miss it for months.

The fix? Apps like Rocket Money audit your subscriptions and kill duplicates. Takes 20 minutes. Saves hundreds annually.

Bloated Insurance Policies

Farren identifies insurance as the biggest waste category among ultra-high net worth individuals. “They accumulate overlapping policies without doing a comprehensive risk review,” he explains.

A millionaire might have three life insurance policies, two homeowner’s policies, and multiple liability coverages they don’t need—all running simultaneously because nobody bothered to consolidate. When you earn $1 million annually, an extra $5,000 in redundant insurance premiums barely registers.

For everyone else, this is an urgent wake-up call. Map out your actual assets, understand your real risks, shop competing quotes, and increase deductibles where it makes sense. Wealthy people can afford inefficiency; you probably can’t.

The Real Lesson

Wealth doesn’t mean perfect money management. It means you can afford to be sloppy. Millionaires leak money through subscription chaos and insurance bloat not because they’re stupid, but because the cost of fixing it is lower than the cost of paying a financial advisor to fix it.

But you’re not in that position. Every duplicate subscription, every overpaid insurance premium, every ATM fee adds up. Being intentional about tracking expenses—something even wealthy people neglect—could redirect hundreds or thousands toward emergency savings, debt payoff, or real investing.

The wealthy buy just for fun when it’s an asset play; regular people buy for fun and hope it doesn’t hurt. The difference isn’t income—it’s attention.