If this was true about wealth creation, intergenerational wealth would eventually outcompete everything else, while it looks like the opposite is true.
Unless the people with money are the ones that made it themselves, they will keep buying bad watches like everyone else.
The what they invest it in, is the whole point. If you spend your life and wealth playing 20% of your bankroll with zero expected value - you should completely expect not to be wealthy, and if you do become wealthy it will be completely by chance, against the odds.
