The truly rich who have billions definitely still spend money in their economy in other ways I described (fleshed out more in edits as well) but yes they might not all buy the ultra expensive things like mega yachts specifically. They aren’t just sitting at home in a condo alone though.
The hire fancy decorators to decorate it, they buy fancy couches, they most definitely don’t clean it themselves and probably rarely cook for themselves etc.
We can take everyones most hated billionare of the moment Musk - He’s spent hundreds of millions on election stuff alone. I doubt others spend that much, but they will spend millions on things like that. That money does end up in the pockets of things like radio stations, television stations, people going door to door, helps keep people in those areas employed etc. Not for a great cause in this case, and he of course likely paid 0 taxes on it since it’s borrowed money, but its still money being spent that circulates in the economy.
The truly rich who have billions definitely still spend money in their economy in other ways I described (fleshed out more in edits as well) but yes they might not all buy the ultra expensive things like mega yachts specifically. They aren’t just sitting at home in a condo alone though.
The hire fancy decorators to decorate it, they buy fancy couches, they most definitely don’t clean it themselves and probably rarely cook for themselves etc.
We can take everyones most hated billionare of the moment Musk - He’s spent hundreds of millions on election stuff alone. I doubt others spend that much, but they will spend millions on things like that. That money does end up in the pockets of things like radio stations, television stations, people going door to door, helps keep people in those areas employed etc. Not for a great cause in this case, and he of course likely paid 0 taxes on it since it’s borrowed money, but its still money being spent that circulates in the economy.