Frederiksberg is a small affluent metropolitan municipality within the city of Copenhagen at risk of urban flooding. Because Frederiksberg is characterised as resourceful, socio-political stable and has a high-quality infrastructure, disaster management organisations working with flood risk management are challenged when defining, targeting and including ‘vulnerable groups’ within this small urban affluent area. This paper presents an analytical framework for understanding and assessing vulnerabilities in societies like Frederiksberg. The framework questions a static understanding of vulnerability, which is inextricably bound to wealth level and consequently, as a notion of less importance to affluent places like Frederiksberg. This has potential consequences for climate justice as a static approach is not able to capture the complexity of the affluence/vulnerability nexus. While we do acknowledge the strong connection between economic wealth and the ability of people to cope with risk, we argue that the relationship between vulnerability and affluence needs to be understood as contextual and dynamic. We present a critical analysis of the dynamic shape of vulnerability in urban affluent and digital societies and suggest a conceptual framework for making such an analysis in a welfare state setting.