A depressed young man smokes a cigarette and drinks alcohol, holding his head in his hand.
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Can money buy happiness? Contrary to what some might think, a million-dollar salary doesn't necessarily come with a hassle-free statement.
And while wealth can bring with it some unconventional problems — like being denied an invitation-only Ferrari and accidentally destroying vast swaths of coral reefs with a 300-foot yacht — most of the other problems the wealthy face may not be so exclusive. Certain as we think.
According to therapists CNBC spoke to, more often than not, wealthy people experience feelings of isolation, depression, and paranoia, among other things — a set of feelings that many others tend to share.
“Most people can't understand how rich people can have problems,” Paul Hockmeyer, a clinical psychotherapist who treats wealthy people, told CNBC. “They dismiss the mental health concerns of rich people as insignificant and of diminishing importance.”
1. Feelings of isolation
One of the main problems Hokemeyer's clients suffer from is chronic isolation.
Founding director of the Drayson Muse Clinic, who said wealthy people often cannot be completely sure whether people live in the rarefied place of the top 1% of the population, where there are so few people who share the realities of their world as they do for who they are. Or what they have.
Their relationships become defined by what they can offer others rather than who they are themselves.
“People tend to see you as lucky and happy — and that may not be true,” said Amanda Falkson, a psychotherapist versed in wealth counseling at City Therapy.
She noted that they also face a range of emotions such as grief, shock, losses and difficult relationships. But in addition to that, the pressure on how to spend money, and who to trust.
“Wealth can be quite isolating… Sometimes all eyes are on you to see what you do with your money,” she said, noting that some clients face pressures about how they hope to be remembered, and where the money should go — whether Whether it is or not. Whether it's investments, philanthropy or building a legacy.
2. Paranoia and lack of confidence
Hockmeyer notes that wealth can cause people around the super-rich to view them as objects.
Wealthy people tend to have a higher social status, and are often attracted to those in diminished states of power. He said the latter could view the wealthy as a ladder to lift them to more powerful positions.
The psychotherapist said his clients are often bombarded with a never-ending barrage of requests.
He added: “Their relationships become defined by what they can offer others rather than who they are themselves.” Against this background, wealthy people tend to become more suspicious of people's motives for associating with them.
Woman in hot tub.
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As a result, it can also be difficult to calibrate relationship dynamics between wealthy individuals whose partners may not have the same wealth or income, Hockmeyer says.
Often times, the wealthier spouse may feel like they are being “taken advantage of” for their money, and the partner with less financial power can sometimes be stereotyped as a “gold digger” or viewed negatively.
3. A distorted sense of purpose
There is also a difference between someone who acquired his wealth and someone who inherited it or suddenly obtained a large sum of money.
People who become wealthy as a result of their own achievements have what is known as a strong internal locus of control, Hockmeyer said. They feel responsible and in charge of their life's path, and are confident that they can make money back if they lose it.
Conversely, those who suddenly acquire wealth – whether through inheritance or selling a business – may find it difficult to adapt to their new purchasing power, status and circumstances, psychotherapists say. They are also less confident in handling and preserving their wealth.
A sudden influx of wealth can often lead to existential identity challenges and strains on relationships, Falconson said.
“When there's no need to work, where do you get your sense of meaning, purpose, and structure? Do you become a walking dollar sign? Where do I fit in socially now that I'm not part of my old world anymore?” she said, voicing some of her clients' concerns.
“Wealth does not negate our human needs. Having meaning and purpose in life is also a very important need.”
