Hey there, My Money Box Community! 👋
Here’s a fascinating fact — as per 2021 Statista data, a net worth of just over INR 8Cr puts you in the top 0.1% of the Indian population. Even with a net worth of INR 80L (think a 2BHK in Bangalore), you’d be amongst the top 2% in India, and around top 11% globally (Credit Suisse 2021)! So, here’s raising the golden question — why don’t the wealthy feel ‘rich’? 🏦💼
Let’s unpack the mystery:
1) It’s All Relative: Although a person’s wealth might be high in absolute terms, the relative comparison with others, especially in affluent circles, can create a feeling of inadequacy. Does comparison steal joy? Definitely food for thought.
2) Lifestyle Inflation: Think of it as the silent wealth eroder. As earnings rise, lifestyles elevate — bigger residences, exotic vacations, swanky cars. Unfortunately, the financial buffer often takes a hit, constantly demanding more.
3) Never-Ending Aspirations: For some, wealth propels them to chase greater dreams, constantly moving the goalpost. Is this the effect of keeping up with the Joneses (or maybe the Kardashians?)
4) Fear Factors: Monetary affluence breeds its own set of anxieties. The fear of market downturns, financial insecurities, and the potential fall from the top can outweigh the contentment of being wealthy.
Remember, being ‘wealthy’ is largely subjective. What feels comfortable to one might be lavish to another. While these factors provide insight into why wealthy individuals may not perceive themselves as ‘rich,’ it does not negate the resources and opportunities that their financial status affords.
Would love to hear your thoughts. Have you witnessed these factors at play within your circles or personal experiences?
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