Maybe it's just me and my social circle, but showing off richness is considered tasteless. Of course, you'd have good clothes and other things, but they don't need to be of a famous brand or the most expensive ones.
Of course, there are people like those that you've described. They are everywhere. It's just I feel like in western culture, the US and Europe, it is less.
Even there, you still see it, you just have to look carefully. Nobody buys $5k watches and suits because they're more durable.
A beautifully naive and disconnected perspective. Why do you think Instagram or Snapchat or even Facebook are so popular? A good part of it is to show off conspicuous consumption.
If anything, now that they can afford it a bit more, people are even more vain.