The rich people I know are far too tight to spend that sort of money on Hi Fi and in general don’t seem to care about making a public display of their wealth by wearing the right watch, or driving the right car etc etc.

What I do see more and more of is people who are earning excessive amounts of money (but still having to work) trying to impress their way into a class shift with the erroneous belief that their display of “good taste”, (right car, house, lifestyle) will help.
It doesn’t work general. In England in particular, class is something you get born into and all the money you like wont make the change and in general such obvious displays of wealth and bad taste are viewed with distaste.