If a family buys a Rolex for their child, does that mean they are quite wealthy?

‌Someone I know mentioned that their parents gifted them a Rolex watch to celebrate their 30th birthday.
They said the watch cost over 20 million won..
If a family buys a Rolex for their child, does that mean they are quite financially well-off?
Or is it something a middle-class family could afford to do?