Enough never seems to be enough. According to a survey by Swiss bank, UBS, it seems that many successful U.S. millionaires suffer from anxiety and insecurity, despite accumulating more wealth than the average person.
The survey — which involved 2,215 U.S. investors with more than $1 million in net worth — revealed that while millionaires recognise their good fortune, they feel compelled to strive for more, spurred on by their own ambition, their desire to protect their families’ lifestyle, and an ever-present fear of losing it all.
As a result, many feel stuck on a treadmill, without a real sense of how much wealth would make them satisfied enough to get off.
Said Paula Polito, Client Strategy Officer, UBS Wealth Management Americas, “The majority of millionaires say they have worked hard to earn their wealth and appreciate the lifestyle it affords them and their families. But enough never seems to be enough—even the wealthiest continue on the treadmill to achieve a better life.”
Becoming a millionaire does not come without a price: 64% of millionaires report that they have had to give up precious family time to achieve their dreams. Most millionaires (68%) admit to having regrets, most commonly around making mistakes in a relationship with their spouse or family and not spending more time with family.
Despite achieving success at a relatively young age, the UBS survey also showed that Millennial millionaires experience more stress, fear and anxiety about their wealth than older generations.
“Achieving success at such a young age means that Millennials’ wealth has a longer lifespan and therefore a greater chance of being lost, so they have to be more diligent and put in more effort to maintain their fortune and lifestyle,” said Sameer Aurora, Head of Investor Insights for UBS Wealth Management Americas. “Millennials, more so than any other generation, are also very conscious of how their lives stack up against their peers’, so Millennials tend to put pressure on themselves to earn more and compete for a higher standing in the social hierarchy.”
Many people aspire to be successful and to acquire great wealth, thinking that this would bring them a lifetime of happiness and peace. However, the UBS survey showed that this perception is not the reality. Instead, it is contentment that brings joy and peace.
But godliness with contentment is great gain. For we brought nothing into the world, and we can take nothing out of it. But if we have food and clothing, we will be content with that. Those who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge people into ruin and destruction. For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs. (1 Timothy 6:6-10; NIV)