Old money and true wealth could care less about clothes. These guys are wearing old faded levis that are 10 years old with an old polo shirt. You would be hard pressed to find these guys spending 300 for jeans unless that have a major love for fashion or work in the business. They never feel like they have to prove their wealth with expensive clothes. You are more likely to see people at the low-low mid end of the socioeconomic spectrum spending crazy money on clothes I mostly agree. People at the top of the lower class feel that being perceived as middle class is within their grasp. And people at the bottom of the middle class are constantly fearful they could easily slip down and be perceived as lower class. Thus people in this general group are the most likely to be concerned with the appearance of status. I read a study a few years back confirming this. It showed that this lower (but not poor) income group spends more on clothing (as a percentage of their budget) than any other group. The study compared things like amount spend on clothing vs. other necessities such as food, housing, transportation, etc. would be cool if it were true but its not. rich people tend to spend more on their clothes You're right, rich people do spend more on clothing. But they spend far less on clothing than do lower income families relative to the other basic necessities. Thus it is likely that lower income people are more concerned about expressing status through their clothing than are the rich. In this sense I'd say they value clothing more-- a far more interesting point of discussion than talking about whom spends the most in absolute dollars.