On February 18, 2013, it was announced that Young Money Entertainment and Cash Money Records would be releasing a compilation album under the name Rich Gang, titled Rich Gang: Flashy Lifestyle on May 21, 2013. On May 5, 2013, it was announced that the album would be pushed back until June 25, 2013. In May 2013, during an interview with MTV News, Birdman said even though the project will be released on Cash Money Records, it will feature music from non-YMCMB stars as well, stating: "We have other artists like Future, who is not signed to us but a part of us. French Montana, Rick Ross, Meek Mill and all these [guys] are friends that we rock with and call on. A lot of business we do don't necessarily have to be about money, it's about relationships and this is about people that we have relationships with." On June 10, 2013, the album cover was released and it was pushed back again until July 23, 2013.
On June 10, 2013, Cash Money Records released a press release announcing the album's release date, saying: “Without a doubt, this album is one of the best group albums to date. I guarantee that it will be in rotation on every club, at every party and coming out of the speakers of every car, ” said Ronald "Slim" Williams, co-founder of Cash Money Records. Slim's brother and partner Bryan “Birdman” Williams, added, “YMCMB is a family, and this album is an example of our bond. We are thrilled to come together, partner with some of our closest friends and create something special for our fans. Think of it as an audio present, from our family, to yours.”
On July 16, 2013, the second and third singles "We Been On" featuring R. Kelly, Birdman and Lil Wayne, and "50 Plates" featuring Rick Ross were released. On August 30, 2013, the music video was released for "50 Plates" featuring cameos from Birdman, Ace Hood, Caskey and Fred Durst. Then on September 3, 2013, the music video for the R. Kelly featuring "We Been On" was premiered on 106 & Park.
On March 5, 2013, the first promotional single from the album, titled "Fly Rich", featuring Stevie J, Future, Tyga, Meek Mill and Mystikal, was released. In mid-July 2013 the second promotional single "100 Favors" featuring Detail, Birdman and Kendrick Lamar was released along with the pre-order for the album on iTunes. On July 22, 2013, the music video for "Dreams Come True" featuring Yo Gotti, Ace Hood, Mack Maine and Birdman premiered on 106 & Park. On August 19, 2013, the music video was released for "Million Dollar" featuring featuring Detail and Future.
The album debuted at number 9 on the Billboard 200 chart, with first-week sales of 24,000 copies in the United States. In its second week the album sold 9,600 more copies. In its third week the album sold 6,400 more copies bringing its total album sales to 40,000.
Upon its release, Rich Gang was met with mixed reviews from music critics. At Metacritic, which assigns a normalized rating out of 100 to reviews from mainstream critics, the album received an average score of 48, which indicates "mixed or average reviews" based on 5 reviews. David Jeffries of Allmusic gave the album two and half stars out of five, saying "One begins to wonder if Rich Gang the album is simply a scrapped solo album from the label boss, one that was retooled and retitled, then hyped up to look like a Cash Money celebration piece. After all, Young Money superstar Drake is MIA, as is both the usual quality control and Cash Money sense of purpose. Fanatics only; everyone else can grab the singles." Dan Rys of XXL gave the album an L, saying "Rich Gang is not especially lyrical, but that’s not really a shocker; its strengths lie more in its hooks and club appeal, and it’s fully stocked with tracks that demand to be played at ear-shattering and floor-shaking volumes. It’s another all-around solid chapter in the Cash Money canon." Edwin Ortiz of HipHopDX gave the album two and half stars out of five, saying "Rich Gang has its moments, but ultimately does little to establish what is truly compelling of Birdman’s latest signees, as well the executive’s own place in the Rap game. At best, this is a lateral move from their 2009 release We Are Young Money—which isn’t a great indication that their collaborative efforts are progressing. There’s no doubt that this project will have traction with some listeners, but that will based on the names involved and not the quality control (or lack thereof) presented." Chris Dart of Exclaim! gave the album a three out of ten, saying "The scientists at Young Money/Cash Money labs deserve to be congratulated for finally managing to synthesize a safe, rap-based alternative to Ambien. At least, that's what it sounds like they were attempting when they recorded this incredibly boring "super-group" album. It features a large chunk of the YMCMB roster, but almost none of them sound like they want to be there. All the songs on Rich Gang bleed into one another; they all have the same slow-to-mid tempo, overproduced, synth-heavy beats; and almost all the rappers sleepwalk through their verses."
Jon Dolan of Rolling Stone gave the album two out of five stars, saying "In recent years, New Orleans sister labels Cash Money and Young Money have turned into one of hip-hop's most reliable hit factories, thanks to superstars like Nicki Minaj, Lil Wayne and Drake. On this celebratory all-star compilation, Nicky and Weezy (but not Drizzy) are joined by CMYM bench contributors (Cory Gunz, Limp Bizkit, Ace Hood, Mack Maine, Tyga) and non-label heavies (Flo Rida, Rick Ross, Kendrick Lamar, R. Kelly and Chris Brown) for a crowded disc of Maybach waxing and club banging. Lamar drops a marvelously bendy verse on "100 Flavors" and hungry old-timers Mystikal and Busta Rhymes do some gonzo barking on the slippery yacht-rock jam "Everyday." Mostly, though, it's like a crowded party where you don't really get to talk to anyone as long as you'd like."