This, I understand:

“Let the brother of low degree rejoice in that he is exalted” (James 1:9).

Makes sense to me.

But this next piece?

“But the rich, in that he is made low…” (James 1:10).

Help me out.

Does it mean the wealthy person should rejoice when his wealth parts company with him and he is left poor?

Then I have another question:

May verse 10 be rightly applied also to someone who is rich in gifts (for example, social poise or public speaking or service opportunities or spiritual discernment)?

from James 1:4