The Modern Savings Gulch of the Rich

Extremely wealthy individuals tend to spend a lower portion of their income though. They spend more overall, but less in relative terms because there are only so many cars and planes that you can realistically buy. A savings glut is what led to the hoarding of mortgage backed securities before 2008. Today we see very wealthy investors putting money into companies with no plan to ever turn a profit simply because they don't have anywhere else better to put it. Recessions are caused by debt and poor investments. These debts and poor investments are facilitated by money that has nowhere better to go.