Researchers have pooled data on the relationship between money and emotions from more than 1.6 million people across 162 countries and found that wealthier people feel more positive “self-regard emotions” such as confidence, pride and determination.
Daisy Grewel of Scientific American writes, “Wealth and abundance give us a sense of freedom and independence from others. The less we have to rely on others, the less we may care about their feelings.
“The rich tend to gloss over the way family connections, money and education contribute to their lives, resulting in less empathy,” Keltner told MSNBC. While the rich can be less empathetic, they can excel at being judgemental.
Regardless of other living conditions, a higher income was consistently linked to a reduced self-rated level of loneliness. From this study, it's dangerously simple to conclude that more is always better.
Rich Mindsets Believe in Saving, Investing, And Multiplying. Poor mindsets splurge on materialistic things. Poor people end up saving nothing to invest. Rich mindsets save, save, save.
Millionaires also tend to be frugal, conscientious, and resilient — all traits that help amplify their wealth-building actions. While some of the behaviors above may also ring true for non-millionaires, millionaires often exhibit them at a stronger level and with more consistency.
Wealthy people own their thinking, own their actions, and own the results they produce. Successful people don't blame others and they aren't concerned about who gets the credit. Rather, they are focused on what they are accomplishing and the impact it will have, whether on their own or with collaborators.
You can have depression regardless of how much money you have or make. Although money makes some aspects of life easier, there are other factors that play into mental health and well-being. The wealthy can get depressed the same way people living in poverty can experience depression.
Indeed, some wealthy individuals are even said to suffer from “affluenza,” a social condition among those who are excessively focused on material possessions and consumerism, to the point where their personal values and behaviors are negatively impacted.
Single people are more often millionaires than married people. False— Most millionaires are married and stayed married.
Once you hit an annual household income of $75,000 (£62,000), earning more money didn't make you any happier. In 2021, the happiness researcher Matthew Killingsworth released a dissenting study, showing that happiness increased with income and there wasn't evidence of a plateau.
Rich people tend to be a source of envy and distrust, so much so that we may even take pleasure in their struggles, according to Scientific American. University of Pennsylvania research demonstrated that most people tend to link perceived profits with perceived social harm.
“No one gets a lot of empathy talking about these things,” admits James Grubman, a psychologist to the wealthy. But that doesn't change the reality he sees every day: that wealth can generate immense anxiety, insecurity, and fear — even as it also provides comfort, stability, and freedom.
Narcissistic personality disorder (NPD) is associated with an assortment of characteristics that undermine interpersonal functioning. A lack of empathy is often cited as the primary distinguishing feature of NPD.
Empathy and power have an inverse relationship, Zaki says. The more powerful people are, the less likely they are to have empathy because they're less likely to need other people.
Someone with low empathy may joke about someone's emotions or circumstances. They may also have a difficult time actively listen to you. They could also act chirpy or indifferent after you just expressed feeling sad or stressed. Someone who is empathetic might try to cheer you up if they see you down.
Rich people also have stress and face difficulties. But their situations are very different. Rich people's stress is often linked to career advancement. It is short-term stress that helps lead them to a long-term goal.
The impact of wealth on mental health
Behind many wealthy lifestyles lies suffering, pain, childhood trauma, addiction, and depressive states. Riches may provide for a privileged education and upbringing, but children in vastly wealthy families often grow up feeling isolated and unloved.
Sudden Wealth Syndrome (SDS) refers to a psychological condition or an identity crisis in individuals who have become suddenly wealthy.
And, interestingly, income may not have as much bearing on that at all. Money, it seems, can't buy everything. In fact, new research shows that richer and poorer people are generally as happy as each other. Where they differ is in their level of sadness: higher-income individuals are markedly less sad on a daily basis.
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.
“One of the key drivers of people's desire for wealth (and material possessions) is the innate human tendency to compare ourselves to others – and to try to win,” Norton said. According to entrepreneur and author of The Unlikely Entrepreneur Alan Manly, ambition is one of the keys to business success.