Happiness and wealth have long been intertwined, sparking debates about whether money can buy happiness. While the relationship between the two is complex, studies show that wealth can enhance happiness by enabling people to invest in things that align with their values, foster well-being, and create meaningful experiences.
For the ultra-wealthy, it’s not just about material possessions but about making strategic investments in areas that enrich their lives in profound ways. Here’s a closer look at how the wealthy find joy in their purchases, according to a recent article published by the New Trader U:
Giving back and how philanthropy creates purpose and fulfilment
Philanthropy is one of the most significant ways that the wealthy invest in their happiness. Studies consistently demonstrate that giving to others enhances life satisfaction. For example, MacKenzie Scott, who has donated billions to charitable causes, uses her wealth to directly support organizations in need, creating a tangible impact and a profound sense of fulfilment. Warren Buffett has pledged to give away 99% of his wealth during his lifetime, with a majority of the donations going to charitable foundations, including those managed by his children.
Philanthropy taps into a deep-seated desire for significance. Research shows that the act of giving triggers dopamine release, activating the brain’s reward system and contributing to happiness. The wealthy often find joy not just in the wealth they accumulate but in the lives, they positively impact through their charitable contributions.
Outsourcing to enhance well-being and time is the ultimate luxury
One of the greatest advantages of wealth is the ability to buy time—specifically, the time to focus on things that bring happiness. Wealth allows individuals to outsource mundane or time-consuming tasks, which enhances their quality of life. Research shows that spending money on time-saving services, like hiring personal assistants or housekeepers, can increase happiness by reducing stress and freeing time for more meaningful activities, such as spending time with family or engaging in hobbies.
Billionaires often have an entire team to manage household tasks—chefs, nannies, gardeners, and even personal trainers—allowing them to prioritize their well-being and pursue things that bring them joy. By reducing stress through delegation, they lower cortisol levels (the stress hormone) and promote more serotonin production, contributing to greater overall happiness.
Investing in experiences and how adventures create lasting joy
Psychological research consistently shows that experiential purchases, such as travel and adventure, bring more lasting happiness than material possessions. The wealthy often prioritize unique experiences, such as exploring exotic destinations or participating in adventurous activities like skiing, kiteboarding, or helicopter tours.
Larry Page, co-founder of Google, is known for his passion for kiteboarding, a thrilling activity that combines physical exhilaration with a deep connection to nature. These kinds of experiences trigger endorphins and adrenaline during the activity itself, as well as dopamine through the anticipation and lasting memories that follow. Experiences create memories that can be cherished for years, providing emotional rewards that outlast the fleeting satisfaction of purchasing physical goods.
The art of living and how collecting and surrounding yourself with beauty elevates happiness
Art collecting is another way the wealthy find happiness. Billionaires like Steven A. Cohen and Eli Broad have amassed collections of iconic works by artists like Picasso and Warhol. But these collections are not just investments; they are also sources of emotional and intellectual stimulation. Research suggests that engaging with art can reduce stress and enhance mental well-being, making it more than just an aesthetic indulgence.
Art allows individuals to engage with beauty, history, and creativity on a deeply personal level. Whether it’s gazing at a favourite painting or attending an art exhibition, these experiences promote relaxation and inspire creativity. For the wealthy, art collecting goes beyond financial investment—it’s about enriching their lives and cultivating a space that fosters inner peace and joy.
Aligning resources with values for lasting happiness
While money alone can’t guarantee happiness, it can certainly provide opportunities to invest in areas that significantly enhance well-being. For the wealthy, true happiness often arises from aligning their resources with their values and passions. Whether through philanthropy, unique experiences, or investments in health and art, these purchases foster a sense of fulfilment that extends far beyond material wealth.
By following these practices—grounded in scientific research and lived experiences—anyone can find inspiration in how the wealthy prioritize what truly matters. You don’t need to be a billionaire to create a life rich in happiness, meaning, and purpose. It’s about making thoughtful choices that align with what brings you joy and fulfilment, regardless of financial status.