In terms of spending, they purchase the same products and services as everyone else accept that its the finest of its kind. What your company offers is irrelevant for attracting the wealthy. What is relevant is the quality and track-record. This is how firms, for example, banking and law, earn the title ‘white-shoe’. Although, an advantage to be being an up-in-comer is the ability to lower prices for lack of name recognition. Gucci, for example, is known for its hand-bags but I have a custom made hand-bag with the same alligator leather material and a different style made by up-an-comer for half the price of what Gucci charges for their hand-bags. Eventually, this up-an-comer will be a white-shoe as the market catches on.
In terms of investment, they either make money of interest rates, or invest in real estate, or stocks, bonds, currency, metals, art, wine, antiques, coins, stamps, commodities, venture capital, forests/timber and financial derivatives. They do this either on their own, or through white-shoe management firms.