I have been rich and I have been poor (relatively speaking). In my opinion rich is better. Be sure not to confuse materialism with wealth.
Having an asset, such as a fancy car, does not create wealth. Just the opposite. The asset loses value and chances are the owner went into debt to buy the car. I consider the this as exact opposite of wealth creation and have no use for this behavior.
You might want to consider reading the book "The millionaire next door." There are a lot of wealthy people with no bling but living comfortable good lives.