Years ago, I worked in the film industry, mostly doing background work, but occasionally, unique assignments came my way. One of the most memorable experiences involved a wealthy man who wanted to make a movie filmed in negative but appear positive. A casting director friend asked me and two other women to spend three days at his Hollywood Hills mansion to test makeup for this unusual project.
The house was breathtaking, perched on a hill with stunning views of Los Angeles. The man came from generational wealth—his grandfather was an oil tycoon, leaving him financially secure. But despite all this luxury, he was one of the most miserable people I’ve ever met.
A Christmas Gift Left Unopened
There was a Christmas gift under the table in the room where we worked. It was late March, so naturally, we were curious. When I joked about it, asking if he’d forgotten to give it to someone, he responded, “No, that’s for me. My parents gave it to me. They never give me anything good anyway, so I don’t care.”
Stunned, one of the other women asked, “You’re not curious about what’s in it?” He shrugged indifferently but eventually opened it. Inside was a portable DVD player—a cutting-edge gadget in 2003. He glanced at it, muttered, “Huh, I guess that could be useful,” and tossed it aside without a second thought.
This man had everything money could buy but lacked gratitude, joy, or fulfillment. Tragically, he died at 47, with methamphetamine in his system and heart disease. His death was ruled accidental, but his life left me pondering: if money didn’t bring him happiness, what did greed and generational wealth do to him—and others like him?
Wealth and Emotional Detachment
Studies have found that wealth can reduce empathy. A 2010 study published in Psychological Science revealed that individuals from higher socioeconomic backgrounds are less likely to attune to the emotions of others. Wealth fosters independence, which, while empowering, can also breed disconnection.
This man’s indifference to his Christmas gift—a symbol of care and effort from his family—illustrates this perfectly. Generational wealth, where money is inherited rather than earned, can amplify this emotional detachment. Wealthy individuals may grow isolated and self-absorbed without struggling or empathizing with others.
The Addiction to More
Greed operates like an addiction. It stimulates the brain’s reward system, flooding it with dopamine—a pleasure-related neurotransmitter. This makes the pursuit of wealth highly reinforcing, but like any addiction, it often leaves the individual craving more.
Ironically, this “more” often doesn’t lead to satisfaction. A landmark 2010 study from Princeton University found that while income increases happiness up to about $75,000 per year (adjusted for inflation), beyond that, additional money has diminishing returns on emotional well-being.
Generational Wealth and Psychological Burden
Children of generational wealth often inherit not just money but the pressure to live up to family legacies or manage large fortunes. This can lead to a lack of personal identity or purpose. The man I met seemed burdened by his privilege—he had resources but no drive or fulfillment, turning instead to substance abuse to cope.
A study published in The Journal of Wealth Management highlights that wealthy heirs often struggle with depression, anxiety, and substance abuse. They may feel aimless, hollow, or trapped without the challenges and rewards of building something for themselves.
The Exploitation Behind Greed
Greed often involves exploiting others to accumulate wealth. This exploitation erodes empathy, as those exploited become a means to an end. Research from the University of California found that individuals in positions of power or wealth often exhibit reduced ethical behavior, such as cheating or ignoring the needs of others.
Generational wealth can perpetuate this dynamic, normalizing greed as a family value while overlooking the humanity of those who make their wealth possible through labor, resources, or other means.
Breaking the Cycle of Greed
Greed is not inevitable, even for the wealthy. Here are some ways to counteract its effects:
Cultivate Gratitude: Practicing gratitude rewires the brain to focus on the positive aspects of life. Studies show that expressing gratitude can improve well-being and increase empathy.
Focus on Purpose: Wealth without purpose often leads to unhappiness. Engaging in meaningful work or philanthropy can bring a sense of fulfillment.
Foster Empathy: Volunteering, mentoring, or simply spending time with people from diverse backgrounds can help wealthy individuals reconnect with their humanity.
Teach Financial Literacy with Responsibility: For those inheriting wealth, education about its responsible use can help avoid the pitfalls of greed and detachment.
That short stint in the Hollywood Hills taught me a valuable lesson: money isn’t everything. The man who seemed to have it all—luxury, status, financial security—was wretched and disconnected from the world around him. His story is a cautionary tale about the dangers of greed and the emptiness of wealth without purpose or gratitude.
If we shift our focus from hoarding wealth to building connections, fostering gratitude, and creating meaning in our lives, we might find that true wealth lies not in what we accumulate but in how we live and give.
Sources:
Keltner, D., et al. (2010). Social Class as Culture: The Convergence of Resources and Rank in the Social Realm. Psychological Science.
Kahneman, D., & Deaton, A. (2010). High income improves the evaluation of life but not emotional well-being—proceedings of the National Academy of Sciences.
James, H. S. (2017). The Psychological Burden of Wealth. Journal of Wealth Management.
Disclaimer: Journaling is a powerful tool to support your healing process. The CBT exercises in Journals to Healing journals are intended to help you analyze and reframe your thoughts as part of a personal growth journey. However, these journals do not replace therapy or professional help. If you are experiencing intense emotions or feelings beyond your control, please seek professional assistance. Resources such as the National Suicide Prevention Lifeline (988) and Crisis Text Line (Text HOME to 741741) are available 24/7 for support. Remember, reaching out for help is a strength, and healing is a process.
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