That is a possible explanation for why I see this pattern fairly frequently, while other commenters seem to disagree.
Here you see that happening the most with lottery winners, particularly because people playing lotto are generally poor, and most among them financially illiterate.
Top special price of the state lottery is around 500k€, and some stats showed that 90% of the winners lost 50% of that wealth within 2 years, while just putting it in some fund and sitting on that money would easily double their income while keeping their wealth.
On that line, certain wealthy people tend to win the lotto a lot! It's a sign of fraud: they buy the tickets from the winners for a bigger amount than the prize, so they can insta-launder large sums of money. Then the actual winner sits on a slightly larger amount of money that can't be used for anything other than spending it, which financially is a terrible deal. But they all seem happy to do it, because they don't know any better.
I'd say that's largely a new-rich problem. People born in rich families generally have the wealth management groomed in. I'm far from being rich, but that's something I'll teach my kids, as I believe one major driving factor in poor families staying poor is lack of education in economy and finance.