extravagance
n.the act of spending too much money on things that are not necessary. It describes a style of living that is very expensive and often wasteful.
n.the quality of being wastefully or recklessly expensive. Often refers to a lifestyle or expenditure that exceeds what is strictly necessary or prudent.
“The family's extravagance led to serious financial problems.”
“The new CEO promised to cut back on corporate extravagance and focus on more practical spending.”
“While the palace was a marvel of architectural beauty, its sheer extravagance served as a constant reminder of the wealth gap between the royal family and the common people.”
Borrowed from French extravagance, from Medieval Latin extra + vagor (“to wander”).
Etymology adapted from Wiktionary, available under CC BY-SA 4.0.