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I think this is a very common perception issue. I am at a university with enormous wealth concentration, but wealth is opaque and everyone orientates upwards.

For students without means or parents buying them toys, someone buying an iPhone on a whim because their old broke is rich. Having any money to spend on non-essentials is rich.

Students who can buy an iPhone on a whim because it's just a random expense for their parents would never think of themselves as wealthy - that's the people who go on first class trips and wear designer clothes without thinking twice.

The people who wear overpriced clothes and go on expensive trips don't feel rich either, they don't even have a building at the university in their family name, and no multi-generational wealth.

I briefly went out with the daughter of an Asian billionaire tycoon, the kind with lots of buildings named after. She never mentioned it or brought it up and I wouldn't even have known until it suddenly clicked about her name and the name of some buildings. I never asked her who she orientated upwards to, though. Some richer tycoon's family?