From the Catholic standpoint, the question must be looked at in terms of sin and esp. mortal sin. At what point does ostentation and wealth become a mortal sin? Of course, you then get into tricky when you talk about say a royal/noble person, the Pope, the President of the US or even certain corporate leaders: a lot of the amenities they enjoy ARE not owned by them (does the President own the White House, the Pope own the Vatican, or even a Board of Directors’ appointed CEO own the company jet and all that?).
It would seem the way to get around the issue would be sign over all the wealth to what a life estate so that, while you enjoy its use, you no longer have control over it. Basically, you could have a palace (owned by said life estate), servants (paid by the life estate) and it is all managed by a third party of which you have no control. You are apportioned certain living expenses (food, travel, entertainment, etc.). Thus, you no longer own any of it, but can enjoy its use.
EDIT: Basically, its the ‘civilian’ way of living like the Pope or the Queen of England: you get to enjoy it, but you don’t own/control it.
EDIT 2: A ‘life estate’ basically means that said property/wealth/etc. is owned and controlled by someone else, but for the remainder of your life, certain provisions have to be made.