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Research has shown that, past a certain point, money does not actually increase a person's happiness. So if you are one of the ultra-rich, what are you supposed to do with all that extra cash? The answer for at least some of them is to spend it on some truly over-the-top luxury items. It might not be practical, but it's fun to pretend to be one of the rich and famous for a little while. Consider which of these extravagant items you would buy if you had a few extra million to spend.

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1. Graff Diamonds Hallucination watch: $55 million

High-end watches are one of the more understated ways the ultra-rich can communicate their wealth. However, for those who are over subtlety, the Graff Diamonds Hallucination watch boasts eye-catching bling that cannot be missed. Created with 110 carats of multicolored rare diamonds, this watch is valued at around $55 million and was a personal project of Laurence Graff, the chairman of Graff Diamonds.

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