You're exactly correct.
The person you mention above probably prides himself on how thrifty and frugal he is, unaware that he just really pisses everyone off because he's so damn cheap. My 'friend' is the worst tipper on the planet. I often have to insist that he give more when we go out to restaurants because it's embarrassing how cheap he is.
We would have him up for all the Holidays, Christmas, Thanksgiving, Easter, and at various other family gatherings. IOW, we treated him like family.
He was also proud of being asked to not return to several restaurants in Red Bank and, when we broke down and brought him to our favorite Thai place, where they know us very well, we made him promise to be on his best behaviour. That didn't stop him from going back on his word and giving them a hard time with everything. All the time, the wait-staff was looking at us as if we were crazy. I left a great tip and stopped in the next day to personally apoligize.
When he bought that house it had a huge Viking outside kitchen/grill. He invited my wife and I down ONCE, for hot dogs and, for dessert, he bought two cannolis that we had to cut in half.
If his first wife wasn't such a doll, and I hadn't feel somewhat sorry for his new wife, I would have thrown his sorry a$$ to the wolves earlier, but I felt I owed her.
He doesn't realize that it's people like him that cause negative stereotypes to be created and continue their existance. It's as if he's proud of his actions and thinks his money lets him get away with it. This may be so, but he'll do it with no friends. As his new wife constantly mentioned,, we were their only friends. ...maybe that's changed, but I kinda doubt it. He makes too much money to care.