Legendary Billionaire Parties!

The richest people in the world often drop millions on swanky food, pricey champagne and A-list entertainment when they have a party.

Benjamin Klauder writing in Forbes says “Many would be happy with a barbecue on the Fourth of July and a big cake on their birthday. Hot dogs, hamburgers and beer will usually do the trick.

But billionaires have a bigger budget for entertaining their friends and family - and when the richest people in the world decide to have a party, they usually flaunt their wealth.”

Sultan Haji Hassanal Bolkiah of Brunei (picture) made birthday party history when he paid pop star Michael Jackson $16 million to play a single concert in Brunei's capital, Bandar Seri Begawan, for the city's 300,000 residents. To accommodate the revelry, a 20-acre plot of land was grafted onto the city's main amphitheater. The event's $27.2 million price tag however, represented less than 0.1% of his net worth that year.

Then take Investing titan Ronald Perelman. He throws at least two big parties a year, each famous for its lavish food, wine and celebrity guest list. Perelman holds an ultra-exclusive Fourth of July event at his plush East Hamptons estate on Long Island and an opulent New Year's Eve party that doubles as his birthday bash (he was born on Jan. 1, 1943).

Read about more billionaire parties...