I have too many and used to wear few of them. But I'm in the process of cleaning out my old wardrobe and building a new one, having recently discovered a genuine interest in clothes that I never used to have. The reason I have/had too many is because I've hung onto a few sentimental items that in all honesty I won't wear anymore but can't throw out... just in case
But I buy more wisely now and choose classic items. I also now decide what I want before I look for one rather than seeing something and thinking "Oh that looks good so I'll buy it". I've found I don't tend to wear those items much if I haven't specifically gone out to find them.
e.g. I'm building my new wardrobe around shirts, a few non-distressed jeans, trousers, classic jackets (blazers/sports jackets, peacoat, leather jacket, etc) and a wide selection of shoes (again the classics like oxfords, brogues, chukkas, loafers, etc). The idea is to build an interchangeable collection so most of my trousers will complement most of my shirts which will equally complement most of my jackets.
As I've got older I've realised that trainers and tshirts are OK for casual but don't really suit someone in their mid 40's anymore so I'm moving away from them to some extent.
I've also found that I'm trying to move upmarket in quality. I couldn't care less what label is on it (I never wear anything with a blatant label or logo). But the actual quality of the clothes is increasingly important to me now.