I believe that the wall street crash did make billionaires cautious of spending and investing because the risk factor grew. The economy was hit bad with the wall street crash and with that comes more risk when investing. Individuals are not as spending friendly as before which makes investing a high risk.
Billionaires pay the majority of the taxes that the United States. Without them, the rest of rural America would not receive the income tax checks that are issued at the beginning of each year. Unlike the corporations who suffered losses, these families did feel the pinch and uncertainty felt by all of us.
Although billionaires and the wealthy elite perhaps slowed their spending and more carefully monitored their investments following the Wall Street crash, their wealth did not accumulate at large by taking needless risks or playing the financial fields too cautiously. In the face of potential losses, most wealthy investors simply continued at the same rate of caution as before, seeking new opportunities with guaranteed returns and continuing to avoid the most risky schemes as they always had done. No real change to their behaviors was warranted because the market did not crash in response to or because of their actions but rather as a larger symptom of the global economic state and wartime efforts.
When people have as much money as billionaires do, they are unlikely to be put off spending and investing by any kind of financial crash. They have so much money that it would be impossible to spend all of it before making more to cover their losses therefore they have no need to be cautious of spending and investing.