Hey Lacey,
I think you’re right – it was definitely a competition of divinity and the riches that required it were just another set bar to become one with that divine level. However, while also just being a facet of their status, I think the rich thought these things helped show their dedication to God – the more worldly goods they spent on their devotion meant the further they would get in the afterlife; the less they cared about worldly possessions the more they would get in the afterlife (or something to that extent). So yes, I think it is definitely a divine competition even though it is not outright stated or proven.