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It's a bit nouveau riche.
Virtually every rich person is nouveau riche now days. I've only met a handful of old money types over the years. One chap who springs to mind is a social worker who lives in Camberwell who is worth £50m+ because his great great grandfather made some cash in India doing what British colonial types did and subsequent generations made good decisions.
For the record, he doesn't wear a watch 😂
I doubt anyone is calling into question the craftsmanship of a RM, but the aesthetic and "yacht club" nature seems to appeal to few.
It's a bit nouveau riche.
(Glenn Tamplin, former owner of Billericay Town, often wore one)