Sure, youve admired the lifestyles of the rich and famous or the not-so-famous. But do you know how much itcosts to live like them?
Not surprisingly, living a lavish lifestyle involves someserious spending, from super-sized housing bills to personal assistants and security. Although most billionaires stay pretty tight-lipped about their spending, the 99 percent-ers can occasionally get a glimpse into their outrageous expenses.
Click through to read more abouthow to increase your net worthso you can afford the billionaire lifestyle.
Not surprisingly, your home will be among the largest costs especially if youve invested in a sprawling mansion worthy of a billionaire.
If youbecome a billionaire, your daily housing cost varies depending on the price of your home. But if youve invested in a home costing north of $100 million like billionaire Jeff Greenes Beverly Hills mansion, listed for a reported $129 million youll be paying a fortune every single day.
Assuming you bought the home and put down a respectable 20 percent down payment, youre looking at a mortgage worth $103.2 million. At an interest rate of 3.875 percent on a 30-year fixed rate mortgage, youll pay about $485,285 per month or around $16,176 per day.
Of course, youll also pay for property taxes, homeowners insurance and maintenance, pushing your housing costs up even further. You better keep earning those billions.
Living a billionaires lifestyle means traveling in style and choosing the right car can be key to maintaining your brand image. As a billionaire, perhaps youdinvest in a luxury vehiclelike a Ferrari or Bugatti.
On top of a large upfront price tag a Bugatti Veyron cost approximately $3.2 million in California in 2014, according to Edmunds youll also pay premium maintenance costs. A change of tires for the luxury car, which is needed after 2,500 miles, cost a reported $33,000, according to the website Secret Entourage. With other expenses such as insurance, taxes, service and more, you can expect to pay $150,000 a year to own this car.
Assuming you maintain your car with an annual tune-up and change your tires once a year, youre looking at $411 per day in car maintenance plus your lease, insurance, taxes and the cost of fuel.
That Bugatti might feel like a relative bargain compared tothe cost of owning a yacht. Of course, theres the upfront cost of building the boat, which doesnt come cheap. Leonardo DiCaprios 450-foot superyacht, for example, reportedly cost $200 million to build, according to the Daily Mail.
But your costs dont end there. Youll also have to pay to run, maintain and staff your yacht.
Those costs add up. The Daily Mail reported that fuel for a superyacht can add up to $400,000 per year. Docking costs a reported $350,000, and a full-time staff for a yacht can cost $1.4 million in wages annually.
For a fully staffed yacht, youre looking at a daily cost of $5,890. If youre cutting costs and foregoing the staff, your costs drop to $2,054 daily.
Part ofbuilding your net worthis making the right connections, and as a billionaire, a big part of your job is networking. That means holding the occasional no-holds-barred soiree thats lavish enough to impress your fellow ultra-rich friends.
Throwing a big bash doesnt come cheap. For example, The New York Times reported that billionaire Stephen A. Schwarzman spent a reported $5 million on his 60th birthday party in Manhattan. That one paled in comparison to the cost of his 70th birthday party, which set him back as much as a reported $20 million.
Assuming an oh-so-modest $10 million budget per party, throwing an average of three soirees a year would set you back $30 million annually, or $82,191 per day.
Yes, eventhe wealthy have healthy habits. After all, making the rounds at your ultra-rich party involves looking your best. But as a billionaire, youre not hitting up a discount gym youre working out in your private gym with a luxury personal trainer.
Those training costs can be expensive, however. Fabrice, the founder of Fabrice Le Physique and personal trainer to billionaires, reportedly charges an estimated $1,340 an hour for training.
So if you plan to spend much time training, itll really cost you after just a few hours.
After your thousand-dollar workout, its time to refuel. However, that doesnt mean spending time in the kitchen. As a busy billionaire, youre likely hiring your own full-time chef to cook your meals for you.
Surprisingly, a personal chef might cost less than you think. Indeed reported that private chef salaries typically top out at $188,000, which means your daily cost for a private chef would average out to about $515 per day.
However, your workers might expect bonuses that add to your overall costs. One billionaires private chef received a Cartier watch as a year-end bonus, and another reported getting around $1,300, GQ magazine reported.
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When youre a billionaire, chances are work keeps you pretty busy. So if you have kids, youd likely need to hire some help to care for them.
Paola Diana, the founder of a nanny agency that services wealthy families, told the Daily Mail that the salary for a live-in nanny can easily begin around $80,406.
That works out to a daily rate of around $220 per day. However, youll probably also need to cover other expenses. If youre traveling as a family, for example, prepare to pay for your nannys travel expenses, too.
Keeping your mansion spick-and-span requires lots of work, and youll likely want a butler on your staff to lend a hand. The butler often helps care for a portion of your home say, the dining room, kitchen and wine cellar and might help manage or organize your other cleaning services.
The average butler takes home $56,000 annually, according to PayScale, a provider of salary data. And salaries typically top out at $99,610, which works out to $272 per day.
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Keeping a sprawling mansion clean requires plenty of work, so part of living like a billionaire means paying for cleaning staff.
Like other domestic staff, though, cleaning services wont necessarily break the bank. In fact, Dr. Dre who famously called himselfthe first billionaire of hip-hop allegedly paid his housekeeper $1,870 per week, or around $267 per day, according to the New York Daily News.
When youre paying for the upkeep on your mansion, dont forget the outdoors including the pool. Landscapers in the U.S. earn a salary of up to $45,852, which works out to $125 per day, according to PayScale.
So if youre keeping a team of four landscapers on staff, youll pay $500 per day to pay your landscapers. Of course, any upgrades will increase your costs, since youll need to pay for materials, permits and landscape design.
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Keeping your luxury goods safe is likely a top priority, so youll need topay for security especially if you earn a bit of fame along with your fortune.
The cost for a traveling security team can seriously add up over time. Facebook, for example, paid a reported $7.3 million in 2017 for founder Mark Zuckerbergs personal security detail, according to Fortune.
If youre paying for that level of security out of pocket, youd pay about $21,370 per day. But thats on top of any upfront costs for other forms of security, like a home security system.
You wont just need help around the house. When youre balancing a billionaires timetable and commitments, having a personal assistant or two can simplify your life.
However, a good PA doesnt come cheap. Experienced PAs to the ultra-wealthy make at least $90,000 annually, and even total rookies start at $50,000 per year, NextShark reported. If you go with one highly experienced personal assistant, you can expect to pay at least $246 per day for their salary, plus the cost of any benefits or bonuses.
If youre looking for assistants with highly specialized skills, you might end up paying even more. CNBC reported, for example, that billionaire Sam Wyly paid a pair of writing assistants $32,000 each month or just north of $500, per assistant, per day.
When you become a billionaire, having a good legal team in your virtual Rolodex is an absolute essential. And although you wont necessarily be paying legal fees every day, you will rack up significant legal bills when youre involved in a lawsuit.
For example, tech mogul and billionaire Peter Thiel paid roughly $10 million to finance Hulk Hogans lawsuit against Gawker Media, Fox News reported. And Fortune reports that top lawyers can now charge up to $1,500 per hour. So if youre dealing with legal issues, you could be shelling out thousands of dollars in legal fees each day.
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That mansion at home might cost a pretty penny but most billionaires dont limit their real estate holdings to just one residence. Chances are, youll be paying for a vacation home or two as part of your daily expenses.
Most billionaires dont skimp on their part-time housing. Mark Zuckerbergs Hawaiian vacation home cost $100 million, and Michael Bloombergs London home cost $26 million, according to Forbes.
Assuming you go for a modest home like Bloombergs, paying 20 percent down with a 30-year fixed rate mortgage at a 3.875 percent interest rate, youre looking at monthly mortgage payments of $116,076 or roughly $3,816 per day.
Youll still have to pay property taxes, utilities and maintenance, as well as the cost of any support staff pushing your daily costs even higher.
The ultimate status symbol, bringing home billions means you can skip the lines at the airport and travel in style in your own jet. But like any status symbol, owning a plane is ultra-pricey and is one of theways the rich spend a lot of money.
Expect to spend at least $10 million for a used 2011 Cessna Citation X with low flight hours, according to Aviation Voice. Youll also pay about $3,000 per month for storage, and each refuel of even a fuel-efficient plane can cost $11,000. On top of that, youre looking at around $215,000 per year in staffing costs, plus hundreds of dollars per hour for maintenance costs.
Even if youve already paid for your plane in full, you can expect to pay a minimum of $823,000 annually to store, fuel and staff your plane assuming one refuel each week. That breaks down to a daily rate of $2,254 a hefty expense to fly in luxury.
If you want to live like a billionaire, even a great annual salary might only cover your basic expenses for a day. Assuming relatively low estimates for example, that youre hiring just one butler instead of two, or a single landscaper instead of a team youll still face six-figure expenses every day.
To cover these basic expenses, youd need an after-tax income of over $49 million just to cover your basic ongoing costs and likely much more in order to invest and save your money, plus acquire new property.
Its probably safe to say your current day-to-day expenses are looking downright reasonable in comparison.
Click through to read more abouthow to lower your monthly bills by $500.
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