IMO money spent on luxurious should be used to acquire treasures/assets and building evolutional technologies. I rather spend money leaving a sand of time, so that my name can be heard even after i am gone. Some persons will say rich and wealthy but there is no limit to the amount of money that can be made and if one feels like he has made enough money then he can invest in building a life time foundation.
For instance Bill gate, Elon Musk and Mack are good persona example. They are all billionaires but they dont stop at what they do.
The three people you mentioned are very good examples to look at, although everyone also needs to look at what family they come from, because almost everyone in this world already knows that the three of them have worked and made quite good progress in their lives. The technology they have and have developed in the current era is also quite useful so it is worth looking at them as an example of how to get rich even though each person's abilities are always different in any case.
Using money to buy luxury items that can be used as assets in real life is also not wrong, because these items can also become valuable items in the future if they can be looked after well enough. However, this may be very difficult for those who are still poor because luxury goods that can be used as assets for the future are more sought after by rich people who generally have more money on their hands. So they can easily place money on the luxury items they want and can consider them as a personal collection.