The 'Loud' Rise of Old Money, New Money, Stealth Wealth, And Quiet Luxury.
There has been a lot of talk and chatter on the internet lately about the topics of quiet luxury and stealth wealth. This convergence on the internet is definitely due to all of us being outside more while simultaneously not giving up our scrolling addiction, but the talks are valid nonetheless. Let’s dive in. The rise of these particular topics coincides with the fact that Sophia Richie, a young socialite, is in the midst of a rebrand and a significant life change—getting married. The younger daughter of Lionel Richie recently got married in a bucolic wedding in the South of France, where many celebrities, including Paris Hilton, Cameron Diaz, and Nicole Richie (her sister), were in attendance.
To make matters even more intriguing, Sophia is marrying the son of a prominent music executive, and her now-husband is also someone who runs their own indie label. Now the rebrand may come as a shock to some people, especially younger folks who forgot who Nicole and Lionel Richie are. Most people remember Sophia for her proximity to the Kardashians and the fact that she was Scott Disick’s girlfriend or ‘gal pal’ for a while. Back then, Sophia was young and impressionable, but since then, she has long parted ways from Scott and the Kardashian clan and has found true love. With finding true love, Sophia gained royal wedding treatment, which came with a couture Chanel gown, an outsized wedding, a gorgeous venue, and a highly delectable Vogue shoot.
The wedding series on Vogue piqued and renewed people’s interest in luxury, opulence, and everything extravagant. However, it also started the debate of old money vs. new money, along with women securing wealth on various social media platforms. Sophie Richie, at the moment, is a representation of new money, but she is also a representation of old money aesthetics and a throwback to vintage attire. Although Sophia Richie's parents come from new money—her father gained wealth and fortune due to his sensational music career—the essence of the wedding represented old money times. It represents a time when glamour was at the forefront and center of everyone’s life and when the weddings of socialites caused stir and envy among the general community. Now, that is not to say that Sophia herself is old money, or comes from old money. Sophia and her husband both come from upstart families who were able to make their way in the music industry and gain a tremendous amount of wealth from it. Since garnering most of that money is still relatively recent for both families, it falls along the line of new money.
Still, it is the new money and connections that will one day lead to the old money. Even though the wealth of the rich and the like is new, it will most likely continue to grow and one day be old money. It is possible that one day we will regard the Richies as an old money family by the turn of the next century and that they could possibly cement themselves as music royalty, a musical dynastic family, or a group of families. It is quite possible that one day we will be talking about the Richies, similar to the Vanderbilts or the Rockefellers, but we aren’t quite there just yet.
The thing about being in or proximate to these circles is not just the amount of money and opulence that flow in and out of them but also the power of the network. People with an extravagant amount of wealth tend to stay around other people who frequent the same circles, which means they all kind of blend in with each other and marry within their circle and not so much outside it. This is interesting to note because many accounts on social media were talking about Sophia Richie as though she was plucked out of obscurity and rescued by the Grainge family, which is hardly the case. Most likely, Richie’s father knew Elliot’s Grainge father, and it is possible the lovebirds connected to being around the music industry and being in the entertainment world from such a young age and more. Money begets more money, regardless of whether it's new or old.
Quiet luxury is not just a trend; it is also a lifestyle. One that can’t be easily replicated, no matter how hard the average person tries.
But Sophia Richie and her wedding are not the only conversation trend encapsulating old money and new money. Recently, Gwyneth Paltrow was in the courtroom facing a small trial relating to a ski incident at a popular ski resort town. Gwyneth Paltrow won her case, but what really got the attention of everyone was her effortless yet luxurious style. Gwyneth dressed every day in a style that was unaffordable, cool, and chic at the same time. She wore long, draped clothes that were fitted, tailored, long, and expensive. Her clothes glided along with her and made a statement in their own right. This led to heated conversations about quiet luxury and its place in society. Quiet luxury is defined as a very curated blend between being high-end and at the same time understated.
The thing about quiet luxury, which everyone has been gravitating towards and trying to decipher and make sense of, is that it is not ostentatious, but it is also not ostentatious. Quiet luxury is loud, and it whispers. It is the epitome of if you know, you know. It is most aligned with old money, but new money folks can partake in it too, and rightfully so. Quiet luxury is a look without logos, big block letters, or brand names. It has an unscripted, polished look with no airs. It is also ridiculously expensive. The sweater that Gwyneth Paltrow wore during the trial is worth more than most people’s weekly paychecks. Dark blue jeans that may seem ordinary on a rich person can cost thousands of dollars without a blink of an eye. This is a simple fact, and even though one might try to emulate this style, it will always be a knockoff. And this is a simple truth that the people in these circles know and relish.
Additionally, people are also interested in conversations about stealth wealth. The highly talked-about television show Succession has made a new crop of people interested in style, power, control, and corporate politics. For several years, many people tuned into a group of siblings who behaved badly and jockeyed for their father’s love and attention. They also hunted for the chance to be CEOs of mogul companies, stabbing each other in the back until the inevitable happened and they had to wrestle with how to be the adults in the room.
Stealth wealth is similar in many ways to quiet luxury. They both hinge on downplaying your wealth to a certain degree. For people who are part of the stealth wealth group, it is all about minimizing and fitting in. It is about downplaying your wealth so that it can feel innocuous or inconspicuous. It is why you see tech founders and CEOs wearing a tee-shirt, jeans, and sneakers while they go about their day. It is why you see people wearing simple black turtlenecks at events even when they could be wearing designer outfits.
Stealth wealth is similar to quiet luxury in that it emphasizes not wearing logos or anything that would showcase your wealth in a large display of wealth. The difference is that someone exhibiting quiet luxury still wants to have a polished look and a look that shows that you are someone worth knowing, while someone exhibiting stealth wealth does not put as much emphasis on that, but if you're in the know, you know. Both are attempts at normalizing clothes, appearance, and perception and crafting the way a person with money wants the outside world to see and perceive them.
Now what is fascinating is how the conversation of quiet luxury and stealth wealth has inadvertently led to dupe culture. With so many people asking how to adopt the stealth wealth look or quiet luxury style, there are internet self-proclaimed style experts who are tasking themselves with teaching the internet how to come of age in style. The rise of the conversation has led to an endless stream of video after video of how you can dress in ‘quiet luxury style’ for the summer. There are a plethora of internet pieces about how to become more ‘put together’, along with how to wear neutral colors like white, beige, and heather grey. It is templated for the average person, who might want to adopt some core elements of the look for themselves.
The thing is, most items in the quiet luxury/stealth wealth category would not be affordable to the masses, or you would have to find them at a thrift shop, consignment shop, or a place that caters to the leftovers of the wealthy. But knowing that fact does not seem to slow down the pace of conversation.
What is it that people want when it comes to luxury?
Well, it is hard to say exactly, but looking at the conversation, it is clear that the average person wants access to money and wants luxury. But really, what they want is to be regarded as important, and clothes are a big signifier of who and what is important. Visually speaking, your clothes and style are our first introduction to you as a person. Even before we get a chance to speak, you can get a sense of who a person is by looking at their choice of clothing and how they style their individual pieces. Clothes can reveal a sense of a person's personality and a sense of their values. Clothes in the quiet luxury department signify that a person who wears these items is someone you want to get to know and someone you need to have in your network.
But what these conversations also reveal is what we think about perception and our own internal struggles with how we want to be perceived.
Clothes can signify what you think about your appearance and how you want to be perceived by the world. Being able to blend in and not stand out in an ostentatious way is more attractive than ever to this younger crowd trying to find their way in the world. Younger Millennials and Gen Z have grown up in turbulent times while also grappling with figuring out their place in an ever-changing world. Younger individuals want to be relatable, look relatable, and be palpable to the average eye, but they also don’t. They want to straddle the lines of relatability while also signaling that they carry some type of expertise, importance, or value that is worth getting to know. This may be why they are gravitating towards rich people or wealthy people who know how to carry their wealth quietly and know how to flit into multiple spaces, areas, and circles.
The rise of quiet wealth and other monied conversations is also a repudiation or critique of influencer culture. Influencer culture, to some, is gaudy, colorful, and in your face. And the thing is, it kind of has to be. Influencers make their bread and butter by being able to be the face of brands and by being the face of marketing and advertising efforts. But we live in a world where it might feel like we are constantly being advertised to or sold to and told to wear this brand versus the other brand, and it can feel exhausting. Influencer culture hasn’t really run its course, but it is no wonder that people are gravitating towards a lifestyle where they don't have to constantly talk about the clothes they are wearing or the labels they have. They can look effortlessly chic while still communicating that they are an important person who belongs in certain circles. This is the issue that quiet luxury and stealth wealth seem like they can solve for the everyday person.
But the truth is that everyone is influencing someone or communicating something to someone. Monied conversations aren’t going anywhere. We are all fascinated by the wealthy and those who have so much disposable income, whether we admit it out loud or not. And what makes this even more pertinent is that we get to see these takes, opinions, and conversations take place online on our new public square, also known as social media.
For what it is worth, quiet luxury is not a trend I see necessarily going away, but as a trend, it will keep doing its thing and pop in and out of conversation cyclically. While the times are calling for more demure actions and clothing, I do not think that it is something that will last forever. Already with the introduction of summer, there are people who are shedding the quiet luxury trends and aiming for more bright and bold colors that announce that summer is here and that they have arrived. And there are others who are quietly picking from each trend—both quiet luxury and big and colorful—and tailoring something completely unique all together.