It's my job to deal with lots and lots of tremendously wealthy people (mostly billionaires). They usually wear formal or semi-formal clothes, or occasionally polos, etc. They do not wear Balenciaga, any of them, ever when I see them, in business environments or casual ones. On average they are older, but even the younger ones I know don't. In NYC the people I see in Balenciaga, Rick Owens, etc., work in fashion, or are European tourists.