I find it really hard to understand why some wealthy people are like that, but then I understand. Money and power can corrupt people and sometimes people forget themselves in the things they have and it becomes really catastrophic.
Wealthy people children already know they'll entitled to the wealth of their parents so some of them just wants to enjoy the wealth and nothing more, it's difficult for some wealthy people to continue their legacy especially if they've got irresponsible children.
At the end of the day, it's mostly vanity, but people realize it too late..