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Velstand is a word used widely among scandinavian teens about rich people. It can be compared to the word stek
Person A: Dude, that watch is awesome!
Person B: Thanks, it's seriously velstand.
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"Stek" is a widely used term among scandinavian teens about rich people. If a person makes more than two million dollars a year, and spend a great deal of the money on expensive things, he is considered "stek". The word "stek" is mostly considered as an adjective.
It can also be used about objects.
Person A: That russ bus is so awesome!
Person B: Yeah, the guy owning that russ bus must seriously be uber stek.
Person C: He probably owns a stek house too.
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