Saudi crown prince’s lavish buys: Some see hypocrisy, others say they’re no big deal

While Western media are focused on the purchases, the average Saudi is more concerned about the introduction of a new value-added tax and the ongoing reduction in fuel subsidies, said Haykel, who recently traveled to Saudi Arabia. These Saudis worry that their incomes will not rise to meet higher costs.

Haykel says wealthy Saudis who say they built their fortunes through legitimate channels are "ecstatic" that Crown Prince Mohammed cracked down on allegedly corrupt princes and officials. They see the type of corruption he is targeting, like bribe-taking and skimming funds for development projects, as a burden on the system, Haykel said.

Still, Haykel says Crown Prince Mohammed has not clearly communicated his motives for the crackdown either at home or abroad.

Saudi youth have also emerged as a base of support for the crown prince due to his social reforms, notes Simon Henderson, director of the Gulf and energy policy program at the Washington Institute. At least for the moment, he said, they are forgiving his extravagances as Saudi Arabia prepares to lift a ban on women driving and rolls back restrictions on entertainment.

Still, Henderson cautions that Crown Prince Mohammed is treating some corners of the royal family and the religious Islamic establishment with "disdain." He's getting away with it because royals are scared and religious figures don't want to be marginalized, but the crown prince's ambition could cost him in the future, Henderson noted.

"My guess is that the ulema are waiting for him to make a big mistake or for a surprise event and for him to come to them for political help," he told CNBC in an email, using a word for religious scholars. "At which point they will say 'we warned you' and exact a price for their support."