have you met many rich people who spend like there is no tomorrow? its about acting like a /rich person/ not as if you have a limitless supply of money and are actually rich. :)
The contrast runs something like this: German dude, worth $10M made his money in real estate, started an online company, lost it all but bought Porsches and hired fancy places, in the end turned to crime in order to continue to finance his life-style.
American dude, worth > $50M (at one point...), spent money like it was toilet paper, golden taps in the bathroom, fancy Rolls-Royces (multiple...), used to be the #1 in a hotly contested tech field, lost it all when the market turned and he didn't adapt.
Swiss dude, worth >> $1B, modest house, drove a VW Golf (ok, a nice one), absolutely incorruptible.
They're nice examples to have and I understand that for someone worth that much there is no need to signal anything and that Germany guy may have had to keep up with his 'circle' in order to be seen as successful but still it makes you wonder how much pain there is behind all those frustrated faces in fancy cars living in expensive houses.
people who stay rich do not just spaff their money around left, right and centre. i think rich people call this 'new money' and using such a term would be an example of acting like a rich person.
Unfortunately, there is also truth in the idea that if you act like you're rich, you end up poor, because you wind up spending all you have (probably plus some).