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The phrase "a rich fool" is correct and usable in written English.
It can be used to describe someone who has wealth but lacks wisdom or good judgment.
Example: "Despite his fortune, he made poor investments and lost everything; he truly was a rich fool."
Alternatives: "wealthy idiot" or "affluent simpleton".
Exact(2)
Molière (Romain Duris), the leading light of a failing theatrical troupe, is hired on a whim by a rich fool (Fabrice Luchini), who needs help composing an aphrodisiac play.
Mona Scott-Young is what my grandmother would call "a rich fool" -- paid, but lost all wits in order to get there.
Similar(58)
The rich fool is acting as a miser, not an entrepreneur, and it's going to cost him money.
In a release about the Apple picket, the group calls the company's late co-founder, Steve Jobs, "a rich, proud fool who now inhabits hell".
Luke 12 contains the famous account of the rich fool who hoards wealth in bigger barns.
I can no longer support and fund the "rich fool" that Mona Scott-Young continues to be.
From a distance, it is easy to dismiss it as a huge marketing con; a place in which rich fools gladly part with their money in return for the illusion of superior quality.
So for the sake of the financial aid students, I say let the rich fools in.
He has a spat with a rich young blonde and fools her into jumping off the dock, but they patch it up.
It is there is a rich literary tradition of fools.
April Fools' Day has a rich tradition of tomfoolery in the media, and yesterday's BBC footage of a newly discovered breed of flying penguin was fun.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com