John MacArthur writes in his commentary on James, "Just as a materially poor believer should rejoice in his spiritual riches, the materially rich man [should] glory in his humiliation. The idea is that a believer who is materially well-off, healthy, and otherwise physically blessed should rejoice when trials come, for they teach him the transitory nature of those material things and their inability to give inner and lasting satisfaction or help, especially spiritual help. Both he and his possessions are like flowering grass and will pass away."
I pray that is helpful!
With a deep appreciation for God's glorious Word, Ted