This thread is really stacking up the replies and I've not read them all.
I know of one real life case of a sugar daddy, through a casual friend, his sister to be exact. I never caught the sugar daddy's exact age, but my impression is that he is an older man say 50s, wealthy, married, and wants to taste some fresh fruit. Sorry
@Scepticalscribe not said to set you off, lol, but that description paints an appropriate picture.
Why does any person, male or female, pick a substantially younger partner? Maybe to relive their own youth, or to sexually experience a new, fresh faced and exuberant young mind and body. It goes both ways, Sugar Daddies and Mommas (also called cougars, a relative age term), may or may not involve money in the equation. We have some married friends where the woman is a little more than 10 years older than the husband. She met him when she was unhappy with her marriage to a controlling husband. I can't say she intentionally targeted younger men, but when one fell in her sights, the sparks flew.
Anyway, in the sugar baby case I'm familiar with, he (the wealthy man) may or may not have wanted to give up his wife, may not have considered it as practical to do. I presume the sugar baby wanted to get married, but since the man could not give this to her, instead he made the relationship worth it, by buying her a house and giving her expensive gifts. I'm not sure how long the relationship lasted, but my impression was long term, 10 years or longer.
Including the real case, but speaking in general terms, I imagine the woman (the sugar baby in this example) wants a relationship, enters into this relationship because she likes the man, whether it's because he's charming, and possibly attractive, and either hopes to get married, or just have some fun, but the substantial lure is wealth, having a relationship with wealth, taking a shower in wealth for some period of time.
Sadly my impression is that a male would be more likely than a female to enter a relationship like this as the sugar baby and may not be put off by elusive marriage prospects. "More likely" is my qualifier to not label all men in this fashion. As women in general become powerful in society, a process that has been written about and reported on, I suspect the % of male sugar babies will increase substantially.
On the male side I personally know of the equivalent of a male sugar baby, who has spent his life establishing relationships with wealthy women, marrying them, spending substantial portions of their wealth until the money runs out or the relationship crashes and then it's time to move on to the next score. And there have been 2or 3, all had money. I think it runs in the family, lol because he has a young nephew in his 20s who has done the same thing, been attracted and married to one girl who's parents have money. Sure she's a nice attractive girl, and maybe money had nothing to do with it, but he's not a stand on his own two feet kind of guy, and never went to college, yet lives in a house that her Grandmother bought them, so I can't help but believe that wealth made this girl ever so more attractive.