Cutting Back on Spending: Frugal Christmas Celebrations for Millionaires


It’s no secret that the COVID-19 crisis has boosted the overall wealth of some of America’s richest people, but many of them are thinking twice about what to get for Christmas. Almost 25% of millionaires surveyed claimed that they’d sped less this Christmas compared to what they spent in 2019.

Spectrum Group conducted a survey involving over 700 participants with self-reported investible assets of $1 million or more. Roughly 27% of them responded that they were going to spend less than $500 this Christmas, which is a significant increase from the 6% surveyed in 2019.

Surely, millionaires are not spending more on gifts and travel due to a lack of funds. In fact, those who have invested in the stock market have most likely experienced a 15% increase in their investments up until December 16.


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