Wedding ring and engagement ring are traditionally worn on the same finger so only count '1'. I have no issue with an eternity ring, or similar, on the other hand (count now = 2). It's the progress from there I have issues with.
I would say 4, but it really depends on the person and the type of jewellery or clothing worn, a wedding/engagement/eternity ring combo would seem acceptable.
However, if you are talking a row of signet/gold coin rings, large gold hoop ear-rings and perhaps a gold neck-chain or two...accompanied by the sort of sports clothing that costs about £3.50 from JJB and doesn't look like it has ever been used in anger then you are either a chav or a living and walking tribute to Vicky Pollard.