The Wealthy Elite Spend Over $25,000 A Year Gambling

The wealthy elite spend more on gambling than the average American spends on all their recreational activities combined. According to a new report from the research firm Spectrem Group, the richest among us are dropping tens of thousands per year to play the odds.

Starting at the humble millionaires with just $25 millions to their names, the wealthy spend at least $10,000 on gambling per year. The top 25 percent of the nation’s millionaires spend more than twice that – $25,000 per year on average, and several spending significantly more.

For comparison, the most recent Census ACS survey revealed that the average American household has an estimated income of $55,775, or just over twice as much as the elite blow at the poker table and in casinos.

The Las Vegas Convention and Visitors Authority, by the way, reports that the average visitor on the Strip bets nearly $600 per visit, and comes twice per year. However, the elite are far from the average guest on the Strip.

All told, the richest among us most spend far more on entertainment than the average household brings in. Along with a couple dozen grand on gambling, 40 percent of the wealthiest Americans spend an average of $10,000 each year on sports tickets including season passes. Roughly eight percent of them spent just as much on the arts including museums, concerts and theater.

And of course they did not show up to such expensive events in the same rags the rest of us wear. A quarter of the top tier spend more than $50,000 on clothes each year.

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