Money Talk With A Friend

My friend asked me about "nouveau riche". Is it something negative or positive?

Nouveau riche is a French word for people from lower strata of society who have recently become very rich and like to show this publicly by spending a lot of money. It is a term usually used in a derogatory way to people who acquired that wealth by a strike of luck they won in a lotto ... or strike a pot of gold in their backyard. They recently become wealthy ... and they spend their money in a flashy and ostentatious manner like there is no tomorrow.

My friend's follow-up question was: What brands do the new rich look for?

All branded products and designer's clothes... You name it: Rolex, Louis Vuitton, Mercedes Benz, Dolce and Gabanna, Prada, and Gucci to name a few.

What other terms can be used for nouveau riche? 

Some people call them social butterflies... others call them social climbers. As one writer put it: "They are someone who is not originally rich but brags their wealth and achievements through material possessions. Thinking that they can show people how rich they are because they can afford things that only rich people can afford. But honestly, people from the upper class particularly the old rich, find these social climbers ridiculous, lack of pedigree by being ill-mannered and displaying poor taste. These social climbers usually display loud behavior. They are also, more often than not, flaunting their wealth and are dressed in designer from head to toe. They love to publicize their every single move and conquest, and boorishly brag about their possessions."

And he continued: How does it differ from "vieux riche"?

Vieux riche or old rich as those people who have been wealthy for a long time ... they have been rich since the day they were born ... like the Sy, the Villars, the Razon and the Gokongwei's ... wealthy persons who have been there for a long time and whose fortunes are inherited. While nouveau riche becomes wealthy only recently. 

And the main difference is the way they spent their money. Nouveau riche provokes envy and admiration ... they don't have the good taste to spend their money in a classy way ... like the one person I know who has his house copied from a Castle in Disneyland. And there is another person who embossed Ionic and Corinthian columns in their facade and the paintings inside made their house look like a museum. What an ostentatious display of wealth - does it mean they are kings and queens ... my friend was almost smiling when she said that.

The old rich people are very frugal. They think hard enough before spending their money.