About the time I turned 50 I decided I'd worked long and hard enough that relative austerity in the gear department need not last until the grave. I wasn't buying this stuff when I was 25 or 30, I can tell you that. I also don't have top-of-the-line everything... just select things I think are important. I don't need the most expensive this-or-that, but some things I own are expensive.
EDIT TO ADD:
But yeah, monsterthompson makes a good point-- a lot of the buying is really part of buying-and-selling, and trading up down or sideways. It isn't just piling riches upon riches, in many cases. A good investor in any field is always investing the same nugget, over and over... such as investing a chunk of money in a property, improving it, then selling it, and taking that same starting capital and investing it again. Some guys/gals may have a few grand into gear, but are moving parts in and out. The investment remains constant but the form it takes changes.
The truth is, gear can be fun and all, but the greatness of the musical experience, and quality of the music (a concept as much as a sound), has very little to do with gear. A modest investment in good but affordable gear will bring you just as much joy, and the quality of music will be just as great, as someone with the same skills and a pile of gear. I didn't enjoy music any less when I was too strapped to afford any high-falutin' gear.
I think an enthusiasm for fine gear is often more a reflection of the enjoyment of music than it is a cause of the enjoyment of music.