I think it's more like if people see a black 20 year old in a rolex they assume it's fake, just as they would with a white 20 year old, but there's no "bling" culture with whites, whereas blacks seem to take delight in wearing provocative getups that make whites clutch their pearls. So you are more likely to see a black person wearing luxury goods incongruously or "wrong" because "oh no what will rich white karens think of me" is not going to motivate a black drill rapper to dress "correctly"

Whereas with a white if you see him with a rolex he'll make sure he reads up on all the fashion rules in /r/mfa/ so that people will think he's "old money"

That's my hot take anyway, btw I am neither white nor black if that helps you decide if you want to agree or disagree.