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Allah tells us in the Qur’an [meaning of which is]: And give the relative his right, and [also] the poor and the traveler, and do not spend wastefully. [Qur’an 17:26]
Wealth is considered a blessing from Allah in Islam. We have been prohibited to waste it on superficial things or those things which are out of our means. Unfortunately, today people spend their money on things of luxurious nature, that they cannot afford in the first place, just to look rich and successful in front of others and to boost their own egos. This type of mentality is not in accordance to Islamic principles. We have been ordered to be humble and spend within our means. As the wise statement goes, “We buy things we don’t need with money we don’t have to impress people we don’t like.”
I came across the following video from Khan Academy, which explains the waste of wealth and how it has no benefit for society: