The whole "rich kids" thing is quite a big scene on social media. The richkidsofinstagram account [0] is pretty demonstrative. It's akin to the "lad" culture phenomenon in the UK (and abroad?) which was perpetuated by The Lad Bible [1] and other hugely popular accounts (now dedicated websites). I don't doubt that there are many show offs ready to pay $1000/month for an account, my only question is whether there will be enough people to show off to.

[0] https://www.instagram.com/richkidsofinstagram/?hl=en

[1] https://www.instagram.com/theladbible/

A lot of "rich kids" are as empty as it goes with no morals and screwed values. Trust me, they are nowhere close to rich adults. Imagine you being 8 years old and having access to the unlimited credit card. Majority people in such situation would show off in school, don t you think? That is majority rich kids mentality - they will not grow up and change. It's too easy to solve all issues through money so they are usually as lazy as it goes. They are empty, and the only way for them to be somebody, someone unique is by using their parent's credit card and by showing off.

edit: Just to be clear - at one stage of my life I lived in a "millionaires" closed community, so I know from my own experience how the kids are. Not all but I would say it goes 50/50. 50% are empty and showing off, and rest are either quite normal or even ambitious.