This verse is not only applicable to the rich people of this world, but for ALL of us. This is about stewardship. This is about how to take care of God's entrusted possessions to us in this world. We should not be conceited and arrogant, nor to set our hope on the uncertainty of riches.
Instead, we must focus on God, who richly and ceaselessly provides us with everything for our enjoyment. He is a Jehovah Jireh, the great provider. He provides everything in this world for our enjoyment. He is the reason why we have earthly possessions. Don't be obsessed with riches or money. Go after God, who piles on all the riches we could ever manage. Do good, be rich in helping others instead and be extravagantly generous.