TThe business casual revolution of the 1990s and the rise of the tech billionaires in the early 2000s are said to have ushered in a new era of liberating employees from the shackles of dress codes. Mark Zuckerberg transformed the hoodie and jeans into a symbol of the new economy meritocracy, the uniform of genius hackers that would shake up the traditional industrial coat-and-tie aesthetic of the East. In the digital economy, many imagined, the most successful companies would allow their talented employees to wear whatever they wanted while splashing around in colorful ball pools.

But as Facebook engineer Carlos Bueno wrote in a 2014 blog post: Inside the MiratocracyIn the 1960s, we simply replaced the rigid dress code with a slightly less rigid one. The new world is actually not so free. The cognitive dissonance is clear in the faces of recruiters who pretend that clothing is no big deal, yet are clearly disappointed when they show up to an interview in a dark worsted business suit. “You are expected to conform to the rules of your culture before you can demonstrate your true worth,” Bueno writes. “What wearing a suit actually signals, and I don't mean this as a myth, is non-conformism, one of the most serious sins.”

As the rich get fabulously rich, they seem to become even more determined to look as plain as possible.

This reality was on full display earlier this month at the Sun Valley Conference, better known as “summer camp for billionaires.” Since the tradition began in 1984, organizers have been gathering the wealthiest and most influential people for the multi-day conference. A treasure trove of top CEOs, tech entrepreneurs, billionaire investors, media moguls, and more convene at the invitation-only meeting to privately decide the future of the world.

This year's attendees included Jeff Bezos, who continues his incredible transformation from nerd to muscle man. Looking like a successful SoulCycle instructor, he strolled around the resort grounds layered with pearl grey jeans, a skin-tight black T-shirt, and a multitude of colorful bracelets (possibly from the American luxury brand David Yurman).

Warner Bros. CEO David Zaslav tried to at least bring some style to the event, donning a brown corduroy trucker jacket, slim-legged blue jeans, smart white sneakers, and a white bandana around his neck. But most of the men in attendance were dressed in scruffy polos, T-shirts, and simple button-down shirts. Billionaire OpenAI CEO Sam Altman looked like he was at freshman orientation in a plain gray T-shirt, blue jeans, and a black backpack slung over each shoulder.

This is not necessarily a bad outfit – many of them are – but one wonders if something has been lost in the move away from coats and ties. A few generations ago, men of this social class would have worn something more visually interesting. In the 1930s, Apparel Arts, a leading men's fashion trade magazine that advises men on how to dress for different environments, recommended the following for resort wear: a navy double-breasted sport coat with a polka-dot scarf and high-waisted trousers in Cannes; a mocha linen beach shirt and wide-cut slacks with self-strap fastenings on the Côte d'Azur; and a white shawl-collar dinner jacket with midnight blue tropical worsted trousers and a white silk dinner shirt for semi-formal evening wear.

The advantage of these clothes is not so much about appearances or elegance, but rather the way they create a unique silhouette. The tailored jacket is particularly useful in this regard. Made from layers of haircloth, canvas, and padding, pad-stitched together and shaped with darts and expert pressing, the tailored jacket creates a flattering V-shape without having one. That silhouette is why Stacey Bendet, founder of fashion company Alice & Olivia, is always the most stylish person at these conferences (this year, she wore flared pants, a long leather coat, giant sunglasses, and a Western-wear hat, each element creating a unique shape). In contrast, Tim Cook's basic polo shirts and slim jeans did little to replicate his physical build.

In his book Distinction, Pierre Bourdieu correctly recognizes that the notion of “good taste” is merely a habit or taste of the ruling class. He is, of course, not the first to make this observation. In the early 20th century, German sociologist Georg Simmel noted that people often use fashion as a form of class differentiation. According to Simmel, style spreads downward as the working class imitates those deemed socially superior, at which point members of the ruling class move on to another class. But the publication of Distinction in 1979, based on Bourdieu's empirical research from 1963 to 1968, stands out, especially for its understanding of men's style. At the time, the coat and tie was in decline. By the time the book was translated into English in 1984, the suit was drawing its last breath before the rise of casual Fridays, tech entrepreneurs, and remote work would change men's dress forever.

Today's ruling class is hardly inspiring in terms of taste. The preponderance of tech vests replacing navy blazers shows that socioeconomic class still dictates dress habits, even if the style is less appealing. Ironically, while the elite are increasingly dressing like the middle class who go shopping at Whole Foods Market, wealth inequality in the United States has worsened roughly every decade since the 1980s, the last time men were still expected to wear tailored jackets.

If there's a silver lining to all this, it's that the history of clothing in the 20th century is about how influences changed. As the century progressed, men began to receive dress dictates from different social classes, not just those with economic or political power: artists, musicians, and workers. Many of the more provocative fashion moments of this period were about rebellious youth taking a stance of rebellion against the establishment. These included swing kids and hip-hop, bikers, rockers, outlaws, beats and beatniks, modernists and mods, drag and dandies, hippies and bohemians. In recent years, Zuckerberg and Bezos have made an effort to move away from the fleece uniform, and Nvidia CEO Jensen Huang looks pretty stylish in a head-to-toe black uniform that includes a variety of leather jackets. But for the most part, today it's better to look elsewhere for dress dictates. The ruling class may shape our world, but don't let them shape your outfit.