Home >Money >Personal Finance >Why the rich keep wanting more
 (Mint file)
(Mint file)

Why the rich keep wanting more

The upper class display a greater desire for wealth and status and hold these as essential attributes of their self-identities

limbing the social ladder is a natural craving for the poor, but what about those already near the top of the ladder? New research suggests that the rich have an even greater desire than the poor to continue climbing up the ladder.

To show this, researchers Zhechen Wang and others from the University of Queensland conducted surveys and experiments in the US and used data from the World Values Survey—a large-scale global survey covering 150,000 participants from 78 countries—to examine the relationship between social class and the desire for wealth and status. They find that across countries, it is the upper class who yearn for more wealth and status, indicating a “have more, want more" phenomenon.

According to the authors, the rich want more because their wealth and status are essentially linked to their identity.

For the upper class, their wealth and status are how they differentiate themselves from the rest of society and they are deeply attached to their worth in society.

Economic loss and the subsequent diminished status are not mere losses for them, but also a threat to their identity. Thus, enhancing this wealth consolidates their position among the elites and creates a self-reinforcing cycle of desiring for more and more wealth.

The authors suggest that this unrelenting desire could explain why many rich people pursue wealth even by unethical means.

The findings of the study could throw light on the widening inequality in societies across the world. The authors suggest that inequality should be looked at through the lens of the growing desire for greater wealth among the rich.

Also read: The More You Have, the More You Want? Higher Social Class Predicts a Greater Desire for Wealth and Status

Snap Fact features new and interesting reads from the world of research

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePapermint is now on Telegram. Join mint channel in your Telegram and stay updated

My Reads Redeem a Gift Card Logout