Amazon founder Jeff Bezos recently purchased a new $80 million ride: a Gulfstream G700. This advanced private jet – boasting cutting-edge tech, a spacious cabin, and exceptional range – adds yet another item to the billionaire’s list of millions-worth purchases.
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Among this collection are a megayacht worth around $500 million, a $42 million clock in the mountains of West Texas, a $65 million Gulfstream G-650ER (that’s another private jet), and a $23 million mansion – just some of the extravagant purchases Bezos can afford.
Billionaires like Bezos have long been associated with lavish lifestyles – with private jets, superyachts, and sprawling real estate portfolios. According to Business Insider, billionaires can typically afford to spend around $80 million per year.
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With a net worth of around $194 billion, the Gulfstream purchase is only 0.04% of Bezos’ wealth. For many, these purchases demonstrate how wide the economic divide is.
Billionaire spending habits frequently gain public attention because they show how significant the disparity between the top 1% and average citizens is. While many Americans struggle to afford basic amenities, don’t have enough saved for retirement, and face increasing financial uncertainty, billionaires like Bezos can afford to spend millions on luxury items.
Critics argue that billionaire spending highlights the wealth gap in the U.S., where the top 1% hold nearly as much wealth as the bottom 90%. Others defend billionaire spending, claiming it stimulates economic growth and job creation.
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Bezos’s jet purchase may seem extreme, but it’s part of a larger pattern of wealth distribution. Billionaires invest heavily in purchases like yachts, islands, and art. In 2021, yacht sales increased as billionaires sought privacy and security during the pandemic. The art market also surged, with global sales reaching $64.1 billion in 2019.
Luxury goods industries thrive when high-net-worth individuals seek out these items and make continual purchases. The G700 purchase alone supports jobs, from engineers and manufacturers to pilots and crew.
That’s not to say that billionaires only spend their money on lavish lifestyles, though. Many billionaires are known for their philanthropic efforts. Warren Buffett, George Soros, and Lynn Schusterman give away 20% or more of their wealth, while others, like Bezos and Elon Musk, have given away less than 1% of their wealth.
Despite contributing less than others, Bezos has still made significant charitable contributions. He has pledged $10 billion to fight climate change. However, extravagant purchases like jets and yachts often overshadow these charitable efforts.
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For those nearing retirement, the spectacle of billionaire spending can feel distant from your financial reality. However, it highlights important economic trends and questions about wealth distribution that may impact policies affecting retirement, taxation, and financial security.
That being said, talking with a financial advisor can help you navigate your important financial decisions, focusing on the purchases and choices within your grasp and helping you secure your financial future.
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This article Jeff Bezos’ $80M Gulfstream G700: What Does This Purchase Say About Billionaire Spending? originally appeared on Benzinga.com
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