Yes, Joseph.
That’s my understanding based on Rabbi A.J Twerski. Although I think that it might take a trained professional to really get to the bottom of the problem.
OTOH, I have a rather affluent friend who wears expensive clothing, but I don’t think he has a problem. He doesn’t show off, not in clothing and not in attitude. You can’t even tell his clothing brands unless you look for it. And he speaks respectively to all, especially Talmidai Chachamim.