We were just thinking that that is a concept that really ought to have a word. "Wastefully rich"; for example, smoking a $100 bill as a cigarette.
The word I would normally use in this situation is decadent.
It connotes moral decline, deterioration, and importantly, luxurious self-indulgence.
Wealthy people don't get or stay that way by habitually "wasting" money. If Bill Gates drinks beer that costs $100 a bottle, that's probably because he likes it (and can afford it, obviously).
I'm not sure anyone would prefer smoking a $100 bill rather than a good cigar, but I'd hazard a guess that anyone who actually did this would be more concerned with how the action would be seen by others, rather than the quality of the experience per se.