Who pays for a wedding?

I am recently engaged and have begun planning my wedding. Most of my life, I thought I might elope but my fiance hates that idea. My parents generously offered me a significant amount of money for the wedding so I have thought about having a real wedding. But, his parents, who literally make 10 times what my parents make have offered NOTHING. Not only that, they have insisted we invite all their uppity friends who I have never met and have tried to push us to have it on a Saturday even though we said a Sunday is probably all we could afford. Is the bride's family really supposed to cover this entire thing? My parents worked so hard for a very humble life and I don't feel they should have to host a party for all of these people. This is depressing me.