@onevoice,
Onevoice, I felt like this question was answered already by others, so I fear I'm going to just be repeating them, but here's my take.
1) there isn't a singular rich lifestyle anymore than there is a singular gay lifestyle and to suggest that there is only insults both groups
1a) to a millionaire who earned their money through hard work (and maybe a little luck), being told that rich people are all Paris Hilton types is quite insulting to them (I know some of these people, and they are much better savers than they are spenders)
1b) to a gay person, being told that all gay people are [insert stereotypical gay trait here] is quite insulting to them
2) the word 'lifestyle' doesn't mean anything different to the two different groups. It's equally inaccurate and insulting to both of them.