Abu Hurairah (RA) reported the same from the Prophet (ﷺ) .
Shaykh Maulana Abdul Aziz Alvi
Hadith Commentary:
Benefits and Issues: The highest and most elevated status for a wealthy person is that he continues to spend his wealth, rather than hoarding or accumulating it. However, attaining this highest rank is not within the capacity of every wealthy individual. Therefore, this is merely an encouragement and a recommended (mustahabb) matter; it is not obligatory or necessary.
Source: Tuhfat al-Muslim: Commentary on Sahih Muslim, Page: 2303