Of course not. It's messed up.
I actually feel sorry for the wealthy people who are ignorant enough to flaunt their wealth since their entire life is so materialistic. I think they act that way since they're insecure about themselves as a people. Their whole sense of self is defined by their money and since that's all they have going for them, they feel the need to be arrogant towards towards others.
I think they need a reality check and reach out to help those in need. Not everyone is born lucky or born with the ability to strike it rich.