Rich and spoiled people will do incredibly stupid things and just say 'I'm rich I can do whatever I want'.
I just heard of this guy and he seems fake as hell, but he is not the worst ever, not by a long shot. I suggest you look up Ethan Couch for some really horrific shit. Ethan is a super-spoiled rich alcoholic kid who got drunk, stole a truck and then killed four people in a drunk driving accident. When the police arrived, he basically said he didn't regret what he did and that his money would get him out of trouble.
Crazy thing is, he's sorta right. Instead of going to a proper prison, he went to a resort like 'reform school' or something like that. It's a place with swimming pools, beautiful lawns and even fricken horses. Horses! This guy is only there for a few years and he's going to live far better than even some upper middle-class people. If that doesn't piss you off, nothing will.
It would be illegal and unconstitutional to have a bail of millions for a stolen iphone. It violates the 8th amendment against cruel and unusual punishments, and against excessive fines and bail. Just because he's rich, doesn't mean you can charge millions for a petty crime.