Frankly your iPhone story is hardly an indicator of wealth. Let's say its an iPhone costing about 80k. It's very easy to walk into a Croma/Vijay Sales /Reliance Digital outlet and buy one on EMI. 12 month EMI will be ~7k a month. It's the most obvious example of conspicuous consumption, so it makes sense to invest.
Truer indicator of wealth would be when they start becoming unaware of price of everyday items like milk and onions. If they still shop for groceries themselves on instamart or blinkit, they aren't as wealthy as you think they are.
Writing this from my 25k Xiaomi, so what do I know anyway.
Truer indicator of wealth would be when they start becoming unaware of price of everyday items like milk and onions. If they still shop for groceries themselves on instamart or blinkit, they aren't as wealthy as you think they are.
Writing this from my 25k Xiaomi, so what do I know anyway.