This is pretty much the norm for the mega wealthy. They don’t want the upkeep burden and cost of the property and don’t need the asset.

When you get mega wealthy it can be more cost effective just to rent a fully furnished property (when compared to the ownership cost of the same property- mortgage costs, taxes, etc). Also means that when you want to move, it’s way more simpler and cheaper to just move to the next fancy pad.

There’s a whole group of mega wealth who just live in hotel suites.