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Fashionably Rich vs. Financially Rich: Can You Tell Who's Really Wealthy By Their Wardrobe?

MENSXP | September 12, 2025 10:39 PM CST

In 2025, spotting the truly wealthy isn’t as easy as looking for a Gucci logo or a Hermès belt. The rise of quiet luxury has flipped the script. Those with deep pockets are often the least interested in flashing it, while aspirational buyers stretch themselves thin just to project an image. The question is-can fashion really separate the financially rich from the fashionably rich?

The Illusion of Luxury

Studies have shown how fast judgments are made. A Princeton University experiment found that people assess competence and social class in less than a second based only on clothing. In practice, this means a crisp shirt and tailored blazer can signal wealth even if the person wearing them is drowning in credit card debt.

And many are. A 2023 survey revealed that 40% of Gen Z shoppers admitted to taking on debt to buy luxury goods (Business Insider). Globally, nearly three-quarters of luxury spending comes from the middle class, not the elite (Harvard Business Review). In other words, the bulk of visible luxury is less about net worth and more about aspiration.

The Rich Don’t Dress Rich

Contrast this with the behavior of actual high-net-worth individuals. A 2024 Long Angle study of families with an average income of nearly $924,000 (approx. Rs. 81 Cr) a year found that their biggest expenses were housing, childcare, and travel—clothing barely registered. Many preferred capsule wardrobes and durable basics over seasonal splurges.

The Financial Times recently reported that even in luxury’s strongest markets, sales growth has stalled as wealthy consumers redirect their spending into wellness and experiences. It’s not that they don’t spend, it’s that they’ve redefined where status lives.

Conspicuous vs. Conscious

Thorstein Veblen’s idea of “conspicuous consumption”—spending to display status—still applies, but the performance has shifted. Today, it’s the aspirational classes who embrace overt signals, while the wealthy increasingly practice what you could call conspicuous restraint. Think muted cashmere, not monograms; heirloom watches, not hyped drops.

The Verdict

If fashion is a language, the dialect of wealth is subtlety. The financially rich rarely need to advertise it, while the fashionably rich often can’t afford not to. So yes, you can often tell who’s who by their wardrobe, but only if you know what to look for.

Because in 2025, the richest person in the room is just as likely to be in an unbranded linen shirt rather than in the season’s must-have designer jacket.