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.
They not only have more money but also may live longer, new research suggests. A recent study, published in the JAMA Health Forum, assessed a group of 5,414 participants and found that those who had accumulated a higher net worth at midlife had a significantly lower risk of dying in the following 24 years.
While the results don't definitively point to wealth contributing to happiness, there is a strong correlation across the board. Broadly speaking, the world's poorest countries have the lowest happiness scores, and the richest report being the most happy.
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. However, the reasons for the higher rates aren't clear.
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.
Their findings indicated that, on average, those with higher incomes spent more time alone and less time interacting with others. Those with greater incomes also spent less time with their families and more time with friends when they did socialize.
People born into higher social classes are more overconfident and have "an exaggerated belief" that they will perform better at certain tasks than others, a perception not shared by their lower-class counterparts, a new study published Monday in the prestigious Journal of Personality and Social Psychology found.
It is about discovering the deeper aspects of oneself and cultivating a life based on purpose, fulfillment, authenticity, gratitude, compassion, wisdom and contentment. These are the essential ingredients that make a life truly rich, as well as fulfilling and satisfying.
Individuals with a rich mindset understand the power of investing and making their money work for them. They focus on building wealth over time, rather than just earning a paycheck. They seek out new opportunities to grow their wealth and are willing to take calculated risks to achieve their financial goals.
Rich mindset seeks to build relationships based on trust, liking, shared values, and mutual respect. People with the rich mindset help others and cultivate relationships with no expectation of anything in return.
Tong, PhD, an associate professor of psychology at the National University of Singapore. "The effects of income on our emotional well-being should not be underestimated," he said. "Having more money can inspire confidence and determination while earning less is associated with gloom and anxiety."
Millionaires are creative visionaries with a positive attitude. In other words, wealthy people have big dreams, and they believe they will come true. As such, wealth seekers should set lofty goals and not be afraid of uncharted territory.
In Why It's OK to Want to Be Rich, Jason Brennan shows that the moralizers have it backwards. He argues that, in general, the more money you make, the more you already do for others, and that even an average wage earner is productively “giving back” to society just by doing her job.
While people with higher incomes do tend to score higher on IQ tests, the association only goes so far. In fact, some rich people in the top one percent of earners display less intelligence than their peers earning considerably less.
A growing literature has studied empirically whether the rich are more selfish than the poor, both in behavior and in underlying preferences. The evidence is mixed: Some studies report more selfishness among the rich (5–7), others that the rich are not different from the rest of society or even less selfish (8–11).
People from higher socioeconomic backgrounds tend to have more friends than people coming from a lower-income background. Kids who grow up in areas where there's a higher rate of friendships between people of low and high socioeconomic status "have much higher rates of upward mobility."
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. Plus, Norlander said wealth often magnifies the character of the person.
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.
Millionaires, especially self-made millionaires whose wealth wasn't inherited, have five particular personality traits, according to new research. The five personality traits that are particularly standout are: risk-taking, emotional stability, openness, extraversion and conscientiousness.
Studies show that anxiety suffered by children in wealthy families is 20-30% higher than it is among the less affluent, and that affluent kids are more prone to substance and alcohol abuse. There is often a heavy price to pay for affluence.
This insecurity about wealth among the wealthy might come from a poor sense of self-worth, or an underlying sense of shame or feeling of being undeserving or incapable of owning so much wealth. Financial insecurity among the wealthy is now diagnosed and treated as a mental illness.
If you define “hard-working” by the number of hours one spends at their job and “optimizing” themselves, rich people do reportedly work “harder” on average, although these self-reported numbers from “successful” people are likely greatly exaggerated.
Believe that financial independence is more important than high social status. Sees status symbols for what they are. Spend their time in ways that promote building wealth. Take time to make a plan for their money.
Wealthy people take responsibility. They are self-starters. 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.