Yes that is usually the way things go for rich people.
They have an asset and take out a loan against the asset (e.g. stocks). Say $10M. This does not count as income. Then they spend the money on what they want and refinance the loan with another loan, say $20M on their grown assets. Then you spend more money, again with no income, so no taxes. When the asset goes up, you refinance. When the assets crash, banks can have the assets. Again, you've spent the money without income. One of the many tax "avoidance" schemes (this one is for income, others are for inheritance tax or VAT avoidance) of very rich people (those with no real income, not professionals with very high income).
You can read about it e.g. in the leftwing-marxist-propaganda Forbes Magazin:
https://www.forbes.com/sites/johnhyatt/2021/11/11/how-americ...
When you die, you never pay back the money, the strategy is called "Buy, Borrow, Die" for a reason:
https://smartasset.com/investing/buy-borrow-die-how-the-rich...