The article explores how wealth, especially in the form of housing and financial assets, influences people's spending habits. By analyzing data from 16 countries, the researchers found that in countries with well-established mortgage markets, wealth has a stronger impact on consumption. The long-term effect of wealth on spending is around 5 cents for every dollar of wealth. Financial wealth tends to have a bigger impact on consumption than housing wealth in most countries, except for the U.S. and the UK. Since 1988, the influence of housing wealth on spending has increased as it has become easier to borrow against it.