Billionaire fashion shouldn’t be this boring

For more than 40 years, the investment banking firm Allen & Co. has attracted a selective group of moguls to Sun Valley, Idaho for its annual Sun Valley Conference. The gathering calls on tech tycoons, entertainment CEOs, and an assorted who’s who of billionaires to socialize their way through a four-day networking retreat. Despite the astronomical amounts of wealth represented at the event, the Sun Valley uniform has largely remained the same for the past decade: understated polos, blue vests, jeans, and, every so often, a semi-interesting pair of sunglasses. 

As of July 9, the 2025 guest list includes Mark Zuckerberg, Tim Cook, Sam Altman, and Bob Iger. Compare the attire of this year’s attendees to that of the event’s guests in 2015 and, if it weren’t for a few familiar faces, you probably wouldn’t even be able to tell the difference.

Looking back on Sun Valley events of old, it seems that the gathering was a kind of progenitor for modern-day quiet luxury. While “quiet luxury” and “stealth luxe” have become buzz words in recent years, this way of dressing has long been embraced among wealthy elites. Opting for simple, understated, well-made clothes can signal status without appearing gaudy. 

According to L.A.-based personal stylist Mary Komick, “Quiet luxury was instantly adopted by the players in this space as a way to speak to their success through what they wear. It’s designed to go unnoticed, even if they’re publicly powerful and influential figures,” she says. “The color palettes are muted shades or monochromatic neutral, and their clothes are refined, clean cut and tailored. They’re showing off to each other, with their stealth luxe style noticeably recognized by those in these circles.”

Nowadays, Komick adds, the accepted dress code has become almost an “ironic mainstay” at Sun Valley. Men stick to canvas jackets, low-key tees, polos, and denim jeans, while women choose a similar combination of designer tees and tanks paired with tailored trousers. Here are a few of the common themes emerging this year:

The polo club

Those looking to play it as safe as possible at this year’s gathering have all turned to a timeless mainstay of tech bro fashion; the beige living room of tops: the polo shirt. Bob Iger, Tim Cook, and Satya Nadella—CEOs of Disney, Apple, and Microsoft, respectively—were just a few of the attendees who opted for a polo in either crisp white or navy for their arrival to the conference.

“The majority of attendees are deliberately choosing to wear nondescript, understated outfits in an effort to prioritize function over fashion,” Komick says. “They’re photographed in outfits purposely chosen to look like they’re heading to the golf course in Patagonia vests, going on a hike, or wearing western hats meant for a scenic horseback ride. This is most likely preferred simply to reduce decision fatigue, because everyone is thinking about the next newsworthy tech or entertainment deal they’re making behind closed doors.”

The humble (or not-so-humble) t-shirt

Another popular look, which takes an even more casual spin on the popular polo and khakis, is the t-shirt and jeans combo. These shirts will make you ask, “does that t-shirt cost $10 or $600?” and, chances are, your first guess is probably wrong.

This year’s t-shirt wearers include Coinbase CEO Brian Armstrong, OpenAI CEO Sam Altman, Yahoo CEO Jim Lanzone, and OpenAI chairman Bret Taylor.

The walking billboard

Immediately upon arrival to this year’s retreat, a few attendees signaled that they were already members of “the club” by donning official Sun Valley merch. Uber CEO Dara Khosrowshahi stepped out in a Sun Valley hat, while Warner Bros. Discovery CFO Gunnar Wiedenfels chose a navy Sun Valley-branded (you guessed it) polo. 

Casey Wasserman, CEO of the Wasserman Media Group, took the wearable advertising in a more personal direction by repping his own company’s logo on his ball cap. “They’re not going to be caught dead in a logo that isn’t their company’s,” Komick says.

The western cosplay

In April, The Wall Street Journal dubbed 2025 as the year that the tech bro started dressing like a cowboy—and it seems that a few brave attendees are bringing that trend to Sun Valley. Komick says both western and sporty aesthetics have come to the fore this year.

“[Attendees are] cosplaying cowboys and cowgirls, from Ivanka Trump’s silver western belt to Sara Blakely in the western hat against her white tee and dark wash Mother jeans,” Komick says. “The men are trading solid tops for plaid button downs or terry overshirts. Sunglasses were the statement accessory this season.”

The sunglasses are your outfit outfit

The fashion may be predictably tame at this year’s Sun Valley, but that only makes it all the more visually jarring that a few notable names arrived sporting some of the wildest sunglasses money can buy. 

Altman chose to pair his casual navy t-shirt with a $400 pair of Vuarnet Altitude 01 sunglasses, a design inspired by ‘70s ski masks. John Elkann, the chairman of Ferrari, donned what appeared to be a pair of vintage Tom Ford Cassius 78MM sunglasses—an accessory so chunky that a passerby could be forgiven for mistaking them for an Apple Vision Pro.