Research shows that wealthy countries do experience higher rates of depression, Marcum says. Also, children of wealthy parents may have a higher chance of developing mental health conditions like depression and anxiety.
It's not clear why high-income countries have higher rates of depression. Rich countries tend to have greater income disparities between the very rich and very poor, which could play a role in the development of depression, the researchers said.
From psychologists who have treated the very high-functioning C-suite types over the years, the consensus seems to be that this group is indeed more prone to major depression – for a variety of reasons – than people of other socioeconomic strata.
The proportion of people who have ever had an episode of clinical depression in their lifetime is 15% in the high-income nations and 11% in lower-income countries, the study estimates. France (21%) and the United States (19%) had the highest rates, while China (6.5%) and Mexico (8%) had the lowest.
Having lower income was associated with higher prevalence of depressive symptoms. The prevalence of depressive symptoms was 39.3% for participants with family income under $20,000, 25.5% for participants with family income from $20,000–$75,000, and 14.9% for participants with family income greater than $75,000.
The research between salary and happiness suggests similar insights. Even those on the Forbes 100 wealthiest were only slightly happier than the average Americans, according to a study by Ed Diener of the University of Illinois.
“In the simplest terms, this suggests that for most people larger incomes are associated with greater happiness,” Killingsworth said in a statement about the study. “The exception is people who are financially well-off but unhappy. For instance, if you're rich and miserable, more money won't help.
Women are more likely to have depression than men. An estimated 3.8% of the population experience depression, including 5% of adults (4% among men and 6% among women), and 5.7% of adults older than 60 years. Approximately 280 million people in the world have depression (1).
Lack Of Money And Depression
Although wealth is linked to depression, it's also important to note that a lack of money has also been linked to mental illness. Evidence has shown that a quarter of people suffering from mental health disorders are also in debt.
Sweden. Sweden has the top positive mental health index which basically gives the mental health status of a given population. However, it wasn't always like this. Mental health policies of Sweden had only focused on two things: people suffering from severe mental health issues and the youth or the children.
Imposter syndrome and guiltiness. This frequently happens to people who were born wealthy or who believe they did not work hard enough to earn their wealth. They think they did not deserve to be rich in the first place. Even if others treat them well, they may feel stressed, anxious, and depressed.
Researchers have known for years that women are about twice as likely to be diagnosed with depression as men, with depression being the leading cause of disease burden among women.
In addition to those well-documented costs, it turns out that the poor not only experience more stress than the rich on a daily basis, but it is also more likely to be “bad” stress, which can have long-term effects on the ability to plan for and invest in the future.
Depression is a major cause of morbidity and mortality worldwide, as the epidemiology has shown. Lifetime prevalence estimates vary widely, from 3% in Japan to 17% in India. Epidemiological data shows higher rates of depression in the Middle East, North Africa, South Asia and U.S.A than in other regions and countries.
American expectations may be too high.
Unmet expectations of ourselves based on other's distorted beliefs about our inner abilities and potential prove discouraging and depressing over time. If we fail to reach our promised potential, it is a very big let-down.
Rich people are happier than poorer people on average, and richer countries are happier than poorer countries. And yet growing national wealth is not always accompanied by growing national happiness. This is the famous Easterlin Paradox, named after economist Richard Easterlin, who first observed a puzzling phenomenon.
Wealth Affects Mental Health When People Mask Problem Behaviors. Anxiety, isolation, worries about work and love, and fears over their children can all lead to problem behaviors for someone who's wealthy.
Such high rates of depression, particularly in women, have been reported in several recent studies from other developing countries,25 with some community surveys reporting prevalence rates exceeding 50%.
Poverty is associated with volatile income and expenditures. The resulting worries and uncertainty can worsen mental health. Providing health, employment, or weather insurance, or other ways of smoothing shocks, may thus lower depression and anxiety.
This explains why African Americans are less likely to exhibit depressive symptoms than Caucasians. Depressive symptoms are better predictors of future MDD for Caucasians rather than for African Americans, despite overall higher levels of stress in African Americans.
The average age of onset for major depressive disorder is between 35 and 40 years of age. Onset in early adulthood may be linked with more depressive episodes, a longer duration of illness, and therefore a more difficult clinical course.
There is a lot of research to suggest that richer people are more satisfied with their lives than poorer people, at least up to a certain point when their most important needs are met.
The survey also finds that the gap between rich and poor goes far beyond income. Adults who self-identify as being in the upper or upper-middle class are generally happier, healthier and more satisfied with their jobs than are those in the middle or lower classes.
However, Norlander explained that with wealth comes a different set of challenges. For one, it often puts you in different social circles, and it might mean you spend less time with certain friends because they don't have the means to enjoy a similar lifestyle. That can lead to feelings of guilt or loneliness.