Whether or not money buys happiness is an age-old question. But it’s something the super-rich are grappling with as never before. As the realm of the mega-wealthy grows ever larger – Forbes estimated a global population of more than 2,600 billionaires whose collective wealth equals some $14tn, as of December 2021 – so too are accompanying issues such as wealth shame and inheritance guilt. The issues are further compounded at a time of huge social inequality and when a global crisis has seen the cost of living soar.
Historically, wealthy families had priests to offer them some spiritual guidance. Today, they see a wealth therapist instead. Diana Chambers, a British-born family wealth mentor based in Switzerland – and author of Money Wisdom Unlocked – is the third generation of a family business, and inherited a substantial sum of money when she was in her early 40s. It was her own experience – of “being treated purely as a minority shareholder and not a member of the family” – that led her to try to make sense of the emotional confusion that she felt. While not a trained therapist, she sees clients for both family and individual sessions to work on past experiences and behaviours around their wealth.
As part of her practice, Chambers invites clients to write a “money autobiography”. “I ask them to look over their entire life trajectory, from pocket money to inheritance. We ask them what their experiences of money were, who made the financial decisions in their households, did their parents argue over money, how they felt when they first earned money or bought their first car, because these things shape their lives. It helps clients to get clarity and see patterns of behaviour emerge. For example, one of my clients saw how the thread of excess frugality she had inherited from her parents and grandparents was woven deeply into many aspects of her life. This insight allowed her to approach her future spending choices with greater freedom.”