If you think for a moment, you know someone who is a bully and yet you tolerate this person because he or she is the determiner of a lot of ideas for your group. On many occasions you willingly or at times feel forced to go along. This is the money personality I call Mr. Bling because they set-up to have the most, the best, or the latest which keeps them the center for the direction of your social group.
Don’t get the wrong idea, Mr. Bling is a person who has a degree of flair that makes them stand out and somehow they are hard to resist. At their best, they are good people to know because you can always depend upon them to keep you informed about the latest trends or the next big thing. At their worst, they will move mountains to make certain that they are the center of attention and you are somehow less. And this is where the bullying aspect of their personality steps forward. No one else is allowed to assume the center position when this person arrives on the scene, and they can be male or female.
The point of importance with this personality is that there is a past history of either emotional or economic deprivation that they are struggling to overcome and this striving affects how they interact with the world. We generally think of them as people who lacked financial support growing up, but they also come from privileged backgrounds where there were lots of things but not much 
emotional attention which created a sense of inferiority that drives them to this day. No matter how dynamic they may appear to us, deep down in their own eyes they are somehow lacking. Despite their natural tendency to attract others around them they feel compelled to require more.
And, that more sometimes comes at great financial cost as they work to outdo everyone around them. The financial cost can take the form of buying things they know they cannot afford but feel they need to maintain their social position. If overspending does not secure their social position then bullying is the next alternative in order to make others seem lesser to the social group. The full force of their dynamic personalities can be used in this pursuit, even when the intended target has been a reliable friend in the past.
I’ve counseled couples where a partner had this tendency and the point to continually come back to is the dynamic nature of their personality over the things they think they need, while also pointing out the trail of destruction their behavior has created in the past. It is who they are not what they have that draws people to them. You as a trusted friend can provide the feedback they need that they are more than their things and illustrate what they stand to lose if the behavior continues. Pointing out specific instances of the good, the bad, and the down right ugly helps them know exactly what occurred and which behaviors to increase or decrease. Your description of their influence on others reinforces the idea that their social strength comes from what people recognize in them.
Finally, do not expect them to change overnight. It has taken years for them to develop this behavior so instant transformations may not be in the cards. However, encourage incremental steps and the recognition of their unique traits can gradually cause them to come around. Once they feel more secure they can begin to realistically seek the limelight and probably not have to bully to achieve it.