The phrase that to mind is "new money". Ie, someone who has recently become wealthy, but has not yet learned to be gracious and tactful about the fact.
Yes, having a bunch of people who are a lot poorer than you over for a party and then bragging about how much money you've spent on X, Y, and Z and how much money you're going to spend on A, B, and C is tacky and gauche. Particularly if the person in question normally name drops, brand drops, and makes sure everyone knows how much stuff cost.
However, as job problems goes, it's pretty minor, and the party only happens once a year. Complaining to the boss about his wife is rarely a good idea, and will only get you into trouble. So I'd suck it up, and maybe play a mental game of bingo with it next time.