A contrast is here made by James between the poor Christian and the rich Christian.
Paul instructs the poor man to glory in his exaltation. In this there is the recognition that God is pleased when we have reason to rejoice and enjoy our lives. The life of the destitute is hard, with little relief. It is good and proper for him to enjoy any morsel of happiness or honor that he will receive. (A good lesson for us is to seek out the poor — in circumstance or spirit — and honor them. It will be a great encouragement to them).
In contrast, the rich man is to glory in his humiliation. In this there is the recognition that honor on earth is of no value with regard to the eternal standing of any man. The life of the rich man is full of accolades and ease. While the praise may be well earned, for a man to trust in such flattery, or believe there to be lasting value in riches, is dangerous and foolish. (A good lesson for us is to remember that any praise we receive for our earthly standing or secular accomplishments has little value. We must not place our trust in uncertain riches).
Let us all pursue an eternal reward, rather than riches that fade!