Yes, because it is all about status and having more money than the other guy. That is why no amount is ever going to be enough for some of these people.

But I don't really understand why they spend it on useless baubles. If you spend £50m on a fancy London house, a yacht and a some super cars, most people (British people anyway) will think you are a wanker. But if you spent some of that money on schools and hospitals in a poor country, you would probably be treated like a minor god in that country.