The Rolling Stones sing that you can't always get what you want. But if you have a lot of money, it's sure a lot easier. However, getting what you want may not be all it's cracked up to be, at least according to a new survey of ultra-wealthy Canadians.
Commissioned last year by the Vancouver-based T. Stenner Group of CIBC Wood Gundy of private advisers, the survey of 165 Canadians whose net worth is at least $10 million found that a mere 52% of those interviewed agreed with the statement: “As I have gotten wealthier, I have gotten happier.” And with wealth, it seems, comes worry.
Many of those interviewed were actually worried their wealth might be damaging to their children or grandchildren. About 38% of the respondents said that the top challenge of wealth was “maintaining a strong work ethic and sense of values in my family.” Ensuring that family members do not succumb to “affluenza”– the lack of ambition or aspiration brought on by a life of wealth and privilege–ranked much higher than other challenges, such as keeping up with inflation (15%) or avoiding excessive taxation (3%).
While survey respondents may not believe that money can buy happiness, it certainly can buy luxury goods, with 53% of the respondents owning at least one Mercedes-Benz automobile. Maybe those who stated that wealth causes them worry or unhappiness should consider taking American actress Bo Derek's advice: “Whoever said money can't buy happiness simply didn't know where to go shopping.”