Sorry, didn't see your question at first. "Display of wealth, power, and privilege interpreted as showing that one is favored by God and therefore among His elect" is sometimes referred to as an attribute of Calvinism. Calvinist dispute this, typically with debatable success, but then anti-Calvinists have debatable success in slandering Calvinists with this allegation too. The whole televangelist wearing a $10,000 gold watch and driving an expensive car, etc., is an excellent example of what is meant by the phrase. By displaying this wealth the suggestion is made that God favors the person displaying it. That's the essence of the concept. It is actually a critique of the way certain Calvinist congregation members have behaved historically rather than a reflection of the theology of Calvin.