I've had this wallet for about two years:
http://www.canadaleathers.com/styles/228.html
The leather evolves as it wears, but it is still in great shape. As I take a close look at it, I might put some leather oil on the corners that are a little bit worn. I expect it will last me a long time, as it was well made.
I used to replace my wallets as they started to break down every 2-3 years.