Therapist to the 1 Percent Weighs in on the Psychological Hardship of Being Rich

<a href="http://www.shutterstock.com/pic-122003842/stock-photo-over-the-shoulder-view-of-a-business-man-reclining-comfortably-on-a-couch-talking-to-his.html?src=TOUsL8YbQVV2-fwl9nA-Ew-1-11">Andrey_Popov </a>/Shutterstock

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


Last week, billionaire investor Tom Perkins of the venture capital firm Kleiner Perkins Caufield & Byers sent a letter to the editor of The Wall Street Journal likening criticism of the 1 percent to Nazi attacks on the Jews. He’s not an outlier. As Paul Krugman pointed out on Sunday, the rich have been lamenting the “demonizing” and “vilifying” of the 1 percent for years. “I…suspect that today’s Masters of the Universe are insecure about the nature of their success,” Krugman wrote. But the wealthy are not just afraid of losing their money to an angry middle class. Class warfare also makes the rich uncomfortable because they worry the non-rich are judging their character and personality by how much money they have, according to therapists who counsel the rich.

“I think that with Occupy Wall Street there was a sense of the heat getting turned up and a feeling of vilification and potential danger,” Jamie Traeger-Muney, a psychologist who counsels people who earn tens of millions of dollars a year, told Politico on Thursday. “There is a worry among our clients that they are being judged and people are making assumptions about who they are based on their wealth.”

In 2012, Mother Jones reported on how banks, including Wells Fargo and Morgan Stanley, are increasingly hiring psychotherapists like Traeger-Muney to help their extremely wealthy clients deal with the complications that come with being extremely wealthy. Here’s a bit more of what wealth therapists can tell us about how the rich may be feeling right now:

Although wealth counseling has existed for years, the 2008 financial crisis really sent the aristocracy sprinting for the therapist’s chair. The 2010 Capgemini/Merrill Lynch World Wealth Report, a survey that takes the pulse of zillionaires around the world, found that after the crisis, spooked clients were demanding “specialized advice.” Financial advisers must “truly understand the emotional aspects of client behavior,” the report warned…

“Any time there’s an outside focus on wealth,” it’s not fun for the wealthy, [Traeger-Muney] says. Heirs, she adds, have it the worst: “They feel like they’re in this 1 percent position. They get bad press from people who make fun of them. It feels like their worst nightmare coming true: the idea that they’re now responsible for other people’s unhappiness and lack of wealth, when they didn’t ask for [their millions].”

Ultimately, having lots of money shouldn’t be cause for alarm. “There’s a difference between money causing problems and a lack of ability to explore feelings around money,” Traeger-Muney says. “That’s what leads to psychological issues.” She just tries to get her clients to acknowledge the fact that they’re rolling in dough and learn how to enjoy it. “What would life be like if they didn’t have any restraints and could really create what they wanted?”

AN IMPORTANT UPDATE

We’re falling behind our online fundraising goals and we can’t sustain coming up short on donations month after month. Perhaps you’ve heard? It is impossibly hard in the news business right now, with layoffs intensifying and fancy new startups and funding going kaput.

The crisis facing journalism and democracy isn’t going away anytime soon. And neither is Mother Jones, our readers, or our unique way of doing in-depth reporting that exists to bring about change.

Which is exactly why, despite the challenges we face, we just took a big gulp and joined forces with the Center for Investigative Reporting, a team of ace journalists who create the amazing podcast and public radio show Reveal.

If you can part with even just a few bucks, please help us pick up the pace of donations. We simply can’t afford to keep falling behind on our fundraising targets month after month.

Editor-in-Chief Clara Jeffery said it well to our team recently, and that team 100 percent includes readers like you who make it all possible: “This is a year to prove that we can pull off this merger, grow our audiences and impact, attract more funding and keep growing. More broadly, it’s a year when the very future of both journalism and democracy is on the line. We have to go for every important story, every reader/listener/viewer, and leave it all on the field. I’m very proud of all the hard work that’s gotten us to this moment, and confident that we can meet it.”

Let’s do this. If you can right now, please support Mother Jones and investigative journalism with an urgently needed donation today.

payment methods

AN IMPORTANT UPDATE

We’re falling behind our online fundraising goals and we can’t sustain coming up short on donations month after month. Perhaps you’ve heard? It is impossibly hard in the news business right now, with layoffs intensifying and fancy new startups and funding going kaput.

The crisis facing journalism and democracy isn’t going away anytime soon. And neither is Mother Jones, our readers, or our unique way of doing in-depth reporting that exists to bring about change.

Which is exactly why, despite the challenges we face, we just took a big gulp and joined forces with the Center for Investigative Reporting, a team of ace journalists who create the amazing podcast and public radio show Reveal.

If you can part with even just a few bucks, please help us pick up the pace of donations. We simply can’t afford to keep falling behind on our fundraising targets month after month.

Editor-in-Chief Clara Jeffery said it well to our team recently, and that team 100 percent includes readers like you who make it all possible: “This is a year to prove that we can pull off this merger, grow our audiences and impact, attract more funding and keep growing. More broadly, it’s a year when the very future of both journalism and democracy is on the line. We have to go for every important story, every reader/listener/viewer, and leave it all on the field. I’m very proud of all the hard work that’s gotten us to this moment, and confident that we can meet it.”

Let’s do this. If you can right now, please support Mother Jones and investigative journalism with an urgently needed donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate