Well, I guess I'll ask you this -- what is worse, him blowing it all on ridiculous shit, or, hoarding it in a bank account? Clearly the money is of more utility to a greater number of people when it's being spent, right?
Don't get me wrong, I don't believe that it should be allowed, at all, for individuals to amass such wealth. In fact I think that above maybe a million bucks, maybe a bit more, all wealth should go back to the state after a person dies, and most of that money should go into public works, healthcare, education, and the like.
However, given our current system, I'd rather see disgustingly rich people spend their money, versus hoard it.