There's a difference between "I spend a lot of money" and "I like dudes". Hell the former's more of a status thing.
Hell I'd say magus society probably would frown on The Gay in general since you can't make heirs that way, and despite what yaoi manga might lead you to believe it's not entirely accepted by society to begin with, so. If he really did have any homosexual/bisexual leanings I can't imagine him being too open about it.