Should we not strive to follow the example of Prophet Muhammad (saaws) and his companions? Did they not live simply without denying the favors of Allah? Wealth in and of itself is not bad unless one spends it wastefully in self-indulgence. Remember surah at-Takathur O mankind, you have been distracted by the rivalry of piling up worldly gains against one another. You will never be satisfied until you get into the grave. Nevertheless, soon you shall come to know. Again, nevertheless, soon you shall come to know. Nay! Would that you knew through the real knowledge provided to you in this Qur'an and care about your life in the Hereafter. Because on the Day of Judgement when you shall see the hell, and see it with the certainty of your own eyes - you shall believe it, but that belief is going to do you no good because - on that Day, you shall be questioned about the blessings (faculties and resources that you were given in the worldly life - as to how you used them?)
The wealthy will have to give an account for how they spent their money and what they spend in charity will be good for them.