Are billionaires really wasting their money on useless luxuries?

When they buy a yacht are they wasting their money on a useless luxury? Somebody is employed to build that yacht. They have families who need food, shelter, and living necessities. You say we should do more for the poor. What if many of those yacht employees would be poor except for the job they have building the yacht, cleaning the yacht facilities, or making parts for yachts?

Government redistribution of wealth to eliminate poverty has been ineffective because you can’t help people permanently by doing for them what they can and should do for themselves. Confiscating more of the billionaires’ money so that the government can waste it is far less preferential than encouraging billionaires to “waste money on useless luxuries” that create jobs for people who would otherwise be poor.