The Amount and Source of Millionaires' Wealth (Moderately) Predicts Their Happiness

This study of the Harvard Business School has all the potential to reinforce your New year resolutions. As long as those pertain to feel happier. One prerequisite is assumed.

Abstract

Two samples of more than four thousand millionaires reveal two primary findings. First, only at high levels of wealth – in excess of $8 million (Study 1) and $10 million (Study 2) – are wealthier millionaires happier than millionaires with lower levels of wealth, though these differences are modest in magnitude. Second, controlling for total wealth, millionaires who have earned their wealth are moderately happier than those who inherited it. Taken together, these results suggest that, among millionaires, wealth may be likely to pay off in greater happiness only at very high levels of wealth, and when that wealth was earned rather than inherited.

Yes, I can really relate to that finding. Having to scrape by with only two or four million or so can bog you down mentally. Part of the study's procedure was also a question about what mostly contributed to their wealth.

All respondents were then asked, “Which of the following have contributed the most to your overall wealth?” with the following response options (percentage endorsing each option in parentheses): (a) inheritance (24.8%), (b) spouse/partner (12.5%), (c) savings through earnings/ bonuses over time (49.1%), (d) profits/assets from business(es) (38.1%), (e) large bonus (28.9%), (g) personal investments (51.7%), (h) profit from property (36.8%), (i) other (6.2%).

Which, if I read it correctly, leaves something to be desired in terms of finding the right spouse. People might want to put in a little more effort in that department and not fall for the next babe right away.