Stealth wealth isn’t a new concept, but it’s been having a moment in recent years. With increasing commentary on wealth inequality and the financial hardships that many have faced because of the pandemic, it makes sense that the well-heeled are keeping a slightly lower public profile of late. This idea is best encapsulated in the latest season of Succession – specifically in the baseball caps worn by both Logan and Kendall Roy.
When you think about fashion trends over a multi-century timeline, you quickly realise how much of what we wear is a reflection of our culture, both in the niche and the macro trend. Sure, most of what we wear is a product of social signalling to those in our immediate circles, but taking a wider viewpoint, clothing choices also reflect the economic realities of the moment. You only need to remember the Lipstick Index to understand how significantly macroeconomic trends can impact the styling choices of the middle class, which suggested more lipstick is purchased during a downturn, as a substitute for buying new clothes or shoes.
Likewise in Succession, the baseball caps serve as an insiders nod from one wealthy individual to another, all while offering the surface impression of a casual accessory to dress down an impeccably tailored suit. Because what better way is there to suggest you’ve got more money than you (or generations of your unborn heirs) can ever spend, than a Vicuña and baby cashmere baseball cap with a sticker price of US$1,395 (AU$1,958)?
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It’s the old money equivalent of the nouveau riche tech billionaire’s logoless t-shirt, which Mark Zuckerberg popularised over the years, building on Steve Job’s black turtleneck uniform (paired with a $200 Seiko on his wrist). As the industries have changed in which empire level wealth is built, with the industrial manufacturing base of the early 20th century, transitioning to the financiers of the 80s, and the tech bros of the 00s, so too have the dress codes shifted to follow a more casual bent.
Ignoring the clout-chasing celebrities with (often fake) buss-down Rolexes on their wrists, money is less visible than it once was, with ostentatious expressions of excess no longer acceptable in ways they might have been in the past. The same can be seen in the current obsession with stainless steel wristwatches, with more than a few steel references commanding a premium over their precious metal siblings. Dressing down is cooler than ever, especially when it costs a lot to do so.
So if you’re looking for the perfect Christmas gift for the mate who already has everything, a Succession inspired cashmere baseball cap (sans logo, of course) could be just the ticket. Especially if you think you might cop an invite to their next Italian summer holiday, which the Roy family also does very well.
