Materialism does not mean that one has to possess so many things, the actual fact is one may be a perfect transcendentalist of spiritual man by possessing the whole world, and one may be a gross materialist without possessing a farthing. So this distinction can be made on the basis of consciousness. When one is Krishna Conscious possessing everything in the world, he is perfect spiritualist, and one may have renounced everything in the world, but lacking in Krishna Consciousness he is a gross materialist.
Letter to Sri Birlaji, 23 April, 1970