I really hope advice for this wealthiest people is a god starting point for. A luxury watch is one gift that won't be returned or re-gifted! The price is usually determined by file width.
When my parents were young a million dollars was the phrase wealth. Today their home may be valued at at least that but these are far from rich. They can be better than off than many others who own valuable property. There are pensioners trying to survive on the pension who own property now worth a million, or more. Try telling them they are rich.