The wealth that those born again already have was the envy of Old Testament prophets and angels alike. Both sought to grasp the wonders of the salvation God was preparing for his elect. Given that the redeemed are so rich, attitudes and songs and lives of praise befit their words and conduct. This concept forms the basis of much of what Peter writes in the remainder of this letter.
The saints of today do not embrace a new (or Western!) religion, but are heirs of the very same promises the Lord God initially gave to Abram millennia ago. Ours is an old-time, even ancient faith, reaching all the way back to the beginning of the world. In contrast, all other faiths are upstarts and relatively untested.
3 Blessed be the God and Father of our Lord Jesus Christ! According to his great mercy, he has caused us to be born again to a living hope through the resurrection of Jesus Christ from the dead,