It's one of question which differs from person to person. How do you define richness?
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That is true, being rich for me doesn't mean you can afford the luxury lifestyle.
But you are not worried about inflation, rising prices and the likes because you can afford to pay without worry.
You may be not living in luxury, but you have everything you need, food, shelter and still can afford to unwind from time to time.
So yes, this social status depends on how people look at. Sometimes you feel you are already rich if you have no debt from anyone.
The definition of rich in my opinion is also quite random, in fact, quite a lot of people say that the definition of rich according to them is a healthy body/mental and a complete family, currently, i live a quite comfortable life, the business i have built is also quite stable, my family is also very harmonious then it can be said that for now, i am rich enough, while people out there see wealth only as money so that when they get sick, the money they have is used up to pay for their medical treatment.
There is a wise sentence that i once heard, written that although money is a measure of wealth, true wealth is a comfortable mind and a calm heart, That sentence is quite great imo.