Answer 1:
In the 1980s and 1990s, there was a TV program that slavishly and excitedly adored the material excesses of the rich. “Lifestyles of the Rich and Famous,” presented by Robin Leach, was the title of the show. You’d get to see dozens of fancy cars and yachts and the interiors of mansions, as well as extravagant parties, wardrobes, and collections, and at the end of the show, Robin Leach would sign off with a flute of bubbly in hand and raise his glass to the audience while smiling and offering his catchphrase, “Champagne Wishes and Caviar Dreams!”
Answer 2:
I’d interpret it to suggest that the person had dreams that were neither feasible nor attainable in their current circumstances. Consider someone who was destitute on the street and dreamed of living in a castle.
