This jerk definitely has more money than muscles. Happens in all sports. My bike, while nice enough, is lower end among the people I ride with. On the other hand a lot of people get a good look at it as I pass them. It's twice as nice to be good at something because of YOU - not because you can afford better gear.

Don't even respond to people (and I use the term loosely) like this. Smile and ride away - their insecurities will have them wondering what you meant by it for days.