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Can money buy happiness? Contrary to what some people think, a million-dollar salary doesn’t necessarily mean there are no problems.
While wealth can bring with it some non-traditional problems—such as being denied an invitation-only Ferrari and accidentally destroying a large swath of coral reef with a 300-foot yacht—most of the other problems faced by the wealthy are likely to It’s not as profound as we think.
According to therapists interviewed by CNBC, the super-rich often struggle with feelings of loneliness, depression and paranoia that are shared by many other people.
Paul Hokemeyer, a clinical psychotherapist who treats the super-rich, told CNBC: “Most people can’t understand how rich people can have problems. They think the mental health problems of rich people are trivial and diminished in importance. .
1. Feeling of isolation
The number one problem facing Hockmeyer’s clients is chronic isolation.
“They live in the top 1 percent, and very few people get to share their reality,” said the founding director of Drayson Mews Clinic. He said the super-rich are often not entirely sure whether people like them for who they are or what they have.
Their relationship is defined by what they can offer others, not who they are.
“People tend to think you’re lucky and happy—but neither may be true,” says Amanda Fulkerson, a psychotherapist who specializes in wealth counseling at Psychotherapy City.
She noted that they also face a wide range of emotions, such as grief, trauma, loss and challenging relationships. But beyond that, there’s also the pressure of how to spend your money and who to trust.
“Wealth can feel very isolating…sometimes all eyes are on you to see what you do with your money,” she said. She noted that some clients face pressure about how they want to be remembered, And where the money should go – whether it’s investments, charity or inheritance.
2. Paranoia and distrust
Hockmeyer observes that wealth causes those around the super-rich to view them as objects.
Wealthy people tend to have higher social status, while those who live in states of reduced power tend to be attracted to them. The latter, he said, may see the wealthy as a ladder to ascend to more powerful positions.
The psychotherapist said his clients are often bombarded with a steady stream of requests.
“Their relationships are defined by what they can offer others, not by who they are,” he added. Against this backdrop, the super-rich tend to be more suspicious of people’s motives for interacting with them.
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Therefore, it can also be difficult to adjust relationship dynamics among wealthy people because their partners may not have equal wealth or income, Hockmeyer said.
Often, the wealthier spouse may feel like they are being “taken advantage of” with their money, while the financially weaker spouse is sometimes seen as a “money digger” or viewed negatively.
3. A distorted sense of purpose
There are also differences between those who earn wealth and those who inherit wealth or receive a large sum of money suddenly.
A person who becomes rich by his own achievements They have what is called a strong internal locus of control, Hockmeier said. They feel in control and responsible for the trajectory of their lives and are confident in their ability to make money again after losing it.
Conversely, psychotherapists say people who gain sudden wealth – whether through inheritance or the sale of a business – may find it harder to adjust to their new spending power, status and circumstances. They also lack confidence in handling and maintaining wealth.
Sudden influxes of wealth often lead to existential identity challenges and relationship tensions, Fulkerson said.
“Where do you get a sense of meaning, purpose and structure when you don’t have to work? Are you going to be a walking dollar sign? How do I socialize now that I’m no longer part of the old world?” she said, expressing addressed some customer concerns.
“Wealth does not deprive us of our human needs. Meaning and purpose in life are very important needs.”
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