I went through this phase too, figuring anyone who dressed better/fancier or rode a more expensive bike than me should be a better/faster rider than me or else all that fancy stuff was wasted. Then it finally occurred to me that maybe they dress that way or ride that bike because they appreciate quality and they have the disposable income to get it if they want to. And the waving thing never bothers me anyway. I wave or not, whatever I feel like, and I expect the 'other guy' will do the same. No judgements made.
So the worst you should be pinging on him for is for having too much money and not sharing your priorities. That's fair, because at this moment he's probably complaining to his friends about how you are being anti-social and riding away from him every time he gets near.