I'm not sure "overspending" is at all the right term. A rough back-of-envelope calculation on my own situation (which I guess isn't outrageously unrepresentati

I'm not sure "overspending" is at all the right term. A rough back-of-envelope calculation on my own situation (which I guess isn't outrageously unrepresentative for the comfortable-but-not-1%) suggests that my family's Ruccio-wealth could have been 3-4x greater as a fraction of our nominal wealth, if we had made different but still reasonable choices about how nice a house to have and how much to sink into pension funds. Our house is nice but by no means a mansion. Our retirement will be comfortable but by no means extravagant. I don't see any good reason to think we're overspending on either. And I think a 3-4x difference in Ruccio-wealth is substantial; if repeated across the population of decently-off sub-1%ers, I think it would make a big dent in the difference between Ruccio's figures and everyone else's for what fraction of wealth is in the hands of the 1%.