[aswanson]

Exactly. Rich people tend to have rich people habits and are more concerned with putting capital to work for them rather than impressing people with expensive purchases. That's more of a 'new' money, financially illiterate habit. There's a reason pro athletes and lottery winners go broke more often than not.

[closeparen]

Someone is out there owning those old-money waterfront mansions and $2m Central Park condos, vacationing at private clubs outsiders will rarely hear about, flying first-class around the world, writing six-figure checks at each $charity_gala_of_the_month, etc.

The mansions and condos tend to be private and secluded. The vacations and galas won't necessarily appear on Instagram. But the truly rich are absolutely out their living large.

I'd argue they are less driven by a need to hoard more money (they already have more than they know what to do with), and more driven by a need to shape world affairs in business and politics while fulfilling noblesse oblige social expectations like philanthropy for the poor, the arts, etc.

They might drive around town in a Toyota, but their family name is in big bold letters on a building somewhere.

[hn_throwaway_99]

Agreed. People who are truly rich do put their money to work for them, but they understand that an important way to do this is through social connections, and connecting socially with other rich people tends to be expensive.