Possible meanings are 1) James is giving a strong warning to wealthy believers or 2) James is talking about wealthy unbelievers. AT: "you who are rich and say you honor God" (See: [[rc://en/ta/man/translate/figs-explicit]])
James states that these people will suffer terribly in the future and writes as if their sufferings were objects that were coming toward them. The abstract noun "miseries" can be translated as a verb. AT: "because you will suffer terribly in the future" (See: [[rc://en/ta/man/translate/figs-abstractnouns]])