James 2:1 My brothers, hold your faith in our glorious Lord Jesus Christ without showing favoritism. 2 For suppose a man comes into your meeting wearing a gold ring, dressed in fine clothes, and a poor man dressed in dirty clothes also comes in. 3 If you look with favor on the man wearing the fine clothes so that you say, "Sit here in a good place," and yet you say to the poor man, "Stand over there," or, "Sit here on the floor by my footstool," 4 haven't you discriminated among yourselves and become judges with evil thoughts? 5 Listen, my dear brothers: Didn't God choose the poor in this world to be rich in faith and heirs of the kingdom that He has promised to those who love Him? 6 Yet you dishonored that poor man. Don't the rich oppress you and drag you into the courts? 7 Don't they blaspheme the noble name that you bear?
8 If you really carry out the royal law prescribed in Scripture, You shall love your neighbor as yourself, you are doing well. 9 But if you show favoritism, you commit sin and are convicted by the law as transgressors. 10 For whoever keeps the entire law, yet fails in one point, is guilty of [breaking it] all. 11 For He who said, Do not commit adultery , also said, Do not murder. So if you do not commit adultery, but you do murder, you are a lawbreaker.
12 Speak and act as those who will be judged by the law of freedom. 13 For judgment is without mercy to the one who hasn't shown mercy. Mercy triumphs over judgment.
There is a lot to comment on here because I see there is more than one truth to take into consideration as we take in the main point. It would be easy to get the wrong impression from this portion of scripture if we didn't read it in the light of other scriptures. We are to rightly divide the Word,
2 Timothy 2:15, the main point being not to show favoritism.
By no names is the message to remain poor, or that to be poor is good and to be rich is bad. Nor is it saying all the rich oppress, or all the poor are rich in faith. What it is saying is -
The poor have been chosen to be rich in faith and heirs of the kingdom.
This is a message of encouragement to the poor. They don't have to be poor. God has chosen them, along with "whosoever will", to be rich in faith. He wants everyone to be rich in faith. He has chosen them to inherit the kingdom, as He desires all to do the same.
1 Timothy 2:4 He chose a rich Gentile to inherit the kingdom, to be saved, and to be filled with the Holy Spirit.
Acts 10 So we know from this that James is not saying only the poor are chosen to inherit the kingdom.
This is good news for the poor, for if the poor sees his inheritance he will no longer remain poor. If he sees God has chosen him to receive the kingdom and to be rich in faith, he can reach out and take it, it's his. I'm not saying money is going to fall into his lap like magic. No, the kingdom of God doesn't work that way. It works by the seed principle - sowing seed and reaping the harvest, but that is another teaching for another day. This inheritance goes way beyond money anyway. Prosperity is not having money. That's the world's definition, and it is only part of it. Besides, having money can kill you if you have no wisdom and consume it on your lusts or are filled with pride because you think you're something now. Dummy! Don't you know the poor and rich die alike? What profit is money then?
It's hard not to get on a rabbit trail with this.

Because our thinking has been warped from religious tradition and error in teaching that has gone out into the church. We can miss what James is saying here if we don't understand other truths.
Back to the main point. Don't show favoritism.
In a large group of believers we are going to have a great mix, a mix of cultures, races, ages, genders, and yes, economic differences. I like the saying, "The ground is level at the cross." In Christ there is no male or female
Galatians 3:28, and the other differences are to be laid aside as well. This comes to play most often I think, in small groups. When we rub elbows at church in various ministries we're involved in and even more in homes as we meet, it becomes a little more evident who has money and who doesn't. This is where this scripture is to be applied. We are not to regard the poor or the rich in a different light because of their economic status. God has called, gifted, and anointed each one, and we do well to receive what spiritual thing each one has to offer. And do even better when we love each one deeply without partiality.
It is sin to show favoritism. It is breaking the law of God as much as adultery of murder. However, the mercy of God triumphs over judgment. The blood of Jesus, whom He has sent, cleanses us from all sin as we confess it to Him.