I do not disagree, but I think grandparent's point is that a magazine filled with profiles of billionaires and ads for luxury goods is maybe not the most credible publisher of criticism of materialism and the evils of the idle rich.
I think most rich people want to believe that they are not merely rich people—they want to believe that they are working (if they work) and spending for a higher purpose than mere consumption. The article does not condemn the citizens of Dubai for having money; it condemns them for being both cruel and crass (the Russian word nekulturny comes to mind).
Have you read their article on Iceland's financial crisis? http://www.vanityfair.com/politics/features/2009/04/iceland2... I can't write them off as worthless hollywood fluff after reading that.