I'd dissent from this view and agree instead with another message above. That is, the richest people I know dress in nondescript fashion and appear as if they'd been asleep in the hedges for the night. (And on occasion, I know this to be true.).
Quite true. I know rich people who don't at all care about their appearance, and are quite happy walking around in polo shirts, khakis and sneakers all day (and these are not your thrifty "millionaire next door" types - they could shell out full retail on bespoke whatever and not bat an eye - but they would) and I know starving artists that forego sufficient food on a regular basis to wear Borrelli shirts. I also know examples of the converse of these cases. Let's just say that money and dress are not particularly well correlated except in what I consider exceptionally shallow company - I'm talking mostly about Wall Street salarymen and their British counterparts, who, despite earning well into six figures, are ultimately only just cogs in the wheel.