Believers in humble circumstances ought to take pride in their high position. But the rich should take pride in their humiliation—since they will pass away like a wild flower. For the sun rises with scorching heat and withers the plant; its blossom falls and its beauty is destroyed. In the same way, the rich will fade away even while they go about their business. James 1:9-11
“In this case the wealthy Christian is instructed to take no pride in possessions or position, but rather to think on his self-abasement in identifying with Christ (i.e. repenting) and Christ’s poor people…
This rich person is called with a sharp ironic twist to understand the humiliation in which he lives, existing like the rich fool (Luke 12:13–21) in luxury in this age only to discover the true system of values in the coming age, which will be unexpectedly thrust upon him. There may also be the suggestion that if the rich would really embrace humiliation (i.e. the outward situation of the followers of Jesus), he would really have something to boast about…”
Peter Davids in The Epistle of James: A Commentary on the Greek Text (Grand Rapids: Eerdmans, 1982).