Now, I'm not rich but I'm definitely comfortably to the right on the curve, so to speak. However, I've noticed something in the groups I ride with: the vast middle of the faster, strong riders are on equipment that's all about the same level, give or take a few things.
It's usually mid-grade frames from major brands sporting Ultegra or Force, so probably a $3,000US bike.
This is true if the rider is, like me, a middle-aged person with significant disposable income, or a genuine millionaire, or a just-out-of-school teacher. Some of these bikes were doubtless purchased used, but still.
A few folks upgrade; the most common bump is carbon wheels, followed by electronic shifting. Both make a difference, but neither are required to ride at the level we're riding at. And yeah, the very serious or very rich do splash out for nicer gear, but there are always outliers.
It's not entirely on point, but I thought it was interesting anyway.