Does Islam permit living in debt while possessing abundant wealth, and are those with wealth required to live like the poor?

A husband must spend reasonably on his wife and children. This is the amount sufficient for their needs, according to the circumstances of the couple. If a well-off husband refrains from spending reasonably, then this is blameworthy stinginess. You should remind him of the consequences of stinginess and that Allah will replace what the one who spends gives away. A wife is permitted to take from her husband's wealth what suffices her and her child, in a reasonable manner, if he is stingy. If the husband fulfills his obligations, there is no sin upon him if he saves whatever he wishes. However, we advise him to be generous with his family to show Allah's blessings, and to have good expectations of his Lord and not fear the future. Reliance on Allah means living one day at a time and letting go of tomorrow's worries.