Living in the lap of luxury, spoiling yourself and your family because you have some extra cash to spend, and having nothing better to do than to buy ridiculous things are two completely different situations.
We tend to focus on the ridiculous since it seems to be more fun because, apparently, regular toilet paper and ice cubes are just not good enough for people who have too much money. A lot of people buy holiday homes, seeing it as an investment. Maybe they rent it out when they aren't there to make some extra income, and use it to spend time with the family during the holidays – but we are pretty sure that buying a whole island cannot be considered just an investment.
They even spoil their pooches rotten because bathing your dogs in a normal bath is for peasants so, of course, they have to have a jewel-encrusted mini bath.
These people probably have enough money to last them multiple lifetimes so they can buy even more ridiculous things!