Snapdragyn
Explorer
At this rate, a level 10 character would have about 5?
Would like to keep it at 3 or 4, so not a big dif, but a dif.
Hmm. My current 3.5 campaign is running at anywhere from 50-75% of the DMG's wealth by level guidelines. Furthermore, the DM rolls to see what is available when we go shopping for magic items (& I'm pretty sure we've been told we won't be able to buy anything beyond a +1, though we haven't gotten to that point yet anyway).
Even with that much of a wealth gap, & the seemingly constant 'nope, none of that item available in this city', at level 7 my character currently has:
+1 chain shirt
+1 buckler
+1 ring of protection
+1 cloak of resistance
gauntlets of ogre strength
and has a +1 spiked chain being made on commission (will probably have the funds to pay the remainder owed on it before we hit level 8... well, maybe).
So - having no more than 5 permanent magic items by level 10 sounds remarkably low to me, even compared to the lowest magic campaign I believe I've ever played.