My friend's son is exactly the same. He’s spoilt. Spoilt in every way, the world revolves around his moods, wants and whims, even him being punished is a massive amount of explaining and attention.
He’s a bore to be around, to be blunt. He whines and groans about anything and everything, and despite everyone not wanting him to be spoilt, and explaining what’s not on about his behaviour etc etc etc, somehow he always gets his way in the end.
I don’t think having everything you could ever want is healthy for a child. Being “idolised” is absolutely nuts when you think about it, to be given everything you could ever want, and to be idolised by your family, it’s too much for anyone! Everyone should have things in their life that push them, their patience, their expectations, their desires etc shouldn’t be brushed aside for them by their parents constantly.
My children are only not like this because my DH and I both have spoilt siblings, and have made a conscious effort not to end up with similar children, plus there’s lots of them and we’re busy. We are gentle with our children, we explain things if there’s time, but I don’t ask them constantly what they want or what they want to do. I take their feelings into account, but don’t give them choices in every scenario. We could afford to give them lots more gifts and things than we do, but then they’d never develop any concentration skills or appreciate anything that they had.
I don’t think you need to be mean or tough to your son, but stop making him the centre of the universe, as you’re contributing to his unhappiness by giving him so much responsibility, especially giving him this concept of knowing how lucky he is. He doesn’t know and will never know because he’s never been without. Cut down some clubs, make him wait, serve dinners that he’s not keen on, tell him off when he’s rude and obnoxious, and chuck out the x-box and supply him with books if you want him to read. This whole thing of consoles being a weekend treat is great if they’re behaving beautifully and getting on with homework and stuff, but what does he need a treat for? Having had a fun week and doing as he pleases? Again, I’m not saying be mean and horrible, but just review your expectations of what a child should be given in order to be happy. He has had no comparison, he’s never lived in slums in Mumbai, or been a chimney sweep in 1800, he doesn’t know how good he’s got it, he needs real life examples.