I've read it many times. Still don't see it.
A 20% pay cut is severe, but only over the minimum wage difference. Someone pulling 5 mil is still unable to spend it quicker than it comes in. It just isn't piling on as quickly as it was at 6mil.
I can EASILY see someone spending 6M a year on stuff. The collector car market is particularly expensive as this one (admittedly extreme) example indicates.