I can't help but wonder - shouldn't these people be getting their metaphorical lunch eaten by those who don't engage in absurd conspicuous consumption?
That has happened before certainly throughout history as "gentry" have had their delusions of superiority and even relevance shattered in spite of their abundantly privileged start.
Well, that would depend on whether it's really "absurd" or not; maybe it's effective. You put on glasses, people think you're smart. You wear an expensive watch, people think you're successful -- "nothing succeeds like success", "dress for the job you want", "talk the talk, walk the walk", and so on.
That has happened before certainly throughout history as "gentry" have had their delusions of superiority and even relevance shattered in spite of their abundantly privileged start.