One of Australia’s richest men, Clive Palmer, has drawn criticism for buying his teenage daughter a yacht worth AU$5.3m.

Child experts say that giving multi-million dollar gifts to teenagers is dangerous because it gives them unrealistic expectations about money.

Psychologist Renee Mill says that whilst it is commonplace for many wealthy parents to give expensive gifts like this, it amounts to irresponsible parenting.

“A lot of the rich and famous spoil their children and they get used to it their whole lives,” she said, in the Courier Mail.

“But if they lose that money, then nine times out of 10 those kids, as adults, have tremendous difficulty getting on their feet and looking after themselves.”

The Horizon 98 foot yacht was built in 2008 and has master and VIP staterooms with ensuites, two double cabins and accommodations for four crew.

Source: Yahoo News – Photo by David Hardenberg/Getty Images