If the Muslim Ummah developed economically, would it decline morally and religiously?

There have been many calls for economic growth and development in the wider Ummah, and I was wondering lately would materialistic development really be that beneficial as it claims to be.

And wouldn't the (majority of) Muslims living hypothetically in a country that has recently progressed from being Third world to a first world nation, begin to indulge in material luxuries with their new found wealth, and in the process detach from the remeberance and worship of Allah?

Considering the above, would Muslims in general really be able to retain religious observance, worship to their Creator and uphold their morality in a social context where the "Have-it-all" concept of unfettered capitalism and consumerism reigns supreme over their minds?

We have seen that the economic growth of the Western world in the 20th century was accompanied by a swift decline in the role of religion, which was tgradually seceded to secularlism, and previous social taboos such as teenage pregnancy and sex before marriage were broken, with an increase in teenage pregnancy as a result - and not to mention the sexualization of communication mediums (e.g. TV, Internet, Phone), day-to-day language, but most of all the mind.

But I am not saying that Muslims in the developing world should not overcome poverty and earn a decent living, only if they will able to withstand the accompanying tide of secularlism, consumerism e.t.c which are all generally opposed to religion.