So, you’ve admired the lavish lifestyle enjoyed by the ultra-wealthy, but they have expenses just like everyone else. How much do billionaires really spend each month? It turns out being a billionaire and enjoying a life of luxury and extravagance is much more expensive than you might think.
Not surprisingly, living the billionaire lifestyle involves some serious spending. While billionaires are notoriously secretive about their spending habits, sometimes we get a glimpse into the outrageous monthly costs of their ultrawealthy lifestyles. That’s what happened when former Texas billionaire Sam Wyly and estranged wife of Ken Griffin, billionaire hedge founder Anne Dias Griffin, ended up in court. Court filings in the two different cases revealed just how much the world’s richest people are spending their cash each month.
Billionaires Too Have Bills To Pay
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Of course, monthly bills are a bit more if you’ve invested in a sprawling mansion. While some billionaires chose to live more modestly, others splurge on $100 million dollar homes with lavish amenities such as an exotic car turntable showroom and pools, sometimes featuring underwater sound systems. These kinds of luxurious homes afforded to billionaires come with a high monthly cost and an entire staff of helpers.
Court documents revealed that Wyly forked over $2,000 monthly just for the upkeep of his pool and landscaping and another $2,000 to keep his mansion stocked up on groceries. The mortgage for a $100 million dollar home could easily cost around $485,285 with a standard 30-year fixed-rate mortgage. Of course, you’ll also fork over a fortune for property taxes and homeowners insurance as well.
If you are a billionaire, you don’t have to worry about buying your own groceries or even cooking them. For those who can afford to, hiring help from assistants to nannies to chauffeurs can make life a lot easier.
Griffin has said that her family has a “large group of staff members assisting the family, including extensive household, security, and family office employees,” Business Insider has outlined some of the salaries expected for some common roles a billionaire might need to fill, let’s break it down monthly – Personal Assistant ($7,000 – $12,500), Head Chef ($9,200 – $18,750), Housekeeper ($5400 – $6700), Nanny ($5400 – $15,400), and Chauffeur ($6700 – $8300)
That’s on average $47,675 just for their staff! Additionally, a billionaire might have multiple homes and a fleet of housekeepers and gardeners for each. Griffin had many costly homes in Aspen, New York, Chicago, Hawaii, and Miami Beach, each requiring basic maintenance. Court documents revealed that Wyly was spending an astounding $43,600 a month on just his housekeeper and assistants.
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Spinning Around In Style
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A billionaire wouldn’t waste his time flying commercial when they need to get around a private jet is a must to get between their many homes. Jeff Bezos, Oprah Winfrey, and Elon Musk all have one. Paying for fuel, maintenance, and pilot salaries can easily add up to $83,000 or more per month, according to Chris Battaglia, the director of charter sales at Meridian Aviation at New Jersey’s Teterboro Airport.
Security And Allowances
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A billionaire’s personal security and that of his luxury goods is a top priority, especially if they earn a bit of fame as a result of their fortune. Zuckerberg, worth $134 billion, is constantly protected by armed executive protection officers who stand guard outside his Bay Area homes. It was revealed that the billionaire paid a staggering $1.9 million a month for security, a small drop in the bucket to ensure his safety.
Documents in the Wyly court case also revealed additional monthly expenditures a billionaire might have. He spent $29,000 a month on the mortgage of Explore Booksellers, which was being run by his wife, in addition to the $7,000 he spent monthly for his family and friends. Furthermore, Wyly paid more than $100,000 to the family office, which oversaw his massive fortune.
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Source CNBC, Yahoo!, Business Insider
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