Just a moment...

But today, because material goods have become a noisier signal of one’s social position and economic resources, the affluent have decoupled social status from goods, and re-attached it to beliefs.

We tend to think of status symbols starting at the top tiers of society (among the glitterati and trend setters of high society) and then trickling down to the rest of society. But a new trend seems to contradict this pattern. Instead of adopting a new luxury product or embracing fresh high-end tastes, an increasing number of prestigious brands and... See more

But Alfani’s observation that the rich as a group have no clear social function is borne out by the fact that, in the Musk era, they have reacted to populist pressures largely by justifying their fortunes as individuals. When they maintain a combative social-media presence, fixate on meritocracy, employ idealistic language to describe for-profit en... See more