Then that study is called bunk by the next author. Ain’t science fun:
https://journals.sagepub.com/doi/full/10.1177/1745691612463399
Of course he also has no incentive to fixate on getting more money. The more wealth one has, the easier it is to accumulate more. Unless one is as foolish as Donald Trump, or trusts someone that foolish to manage their wealth which is basically the same thing, a billionaire’s fortune will grow almost automatically unless taxes prevent it (our effectively regressive tax regime encourages it). Unlike Trump, Gates isn’t a fool, so he can afford to spend more than almost anyone else on charitable causes through his and his wife’s foundation and still sit back and watch his fortune grow faster than even single-digit billionaires.
Most here know I have no special affinity for religion, but Christ’s teaching that a poor person who gives a little has a better shot at heaven than a rich person who gives a lot is a very socially responsible message.
Unfortunately, most of the people who will heed that message are poor, so the poor give a higher proportion of their meager savings than the wealthy, most of whom give enough to get a nice tax write off that often ends up costing less than the taxes would. And the prosperity gospel has gamed this behavioral disparity, convincing many of the working poor and pensioners to give their money to the wealthy.
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The wealthy are just like any other obsessive collectors of rare objects, like stamps or Star Wars action figures. They will go to similarity great lengths to expand their collections, forgoing more practical considerations in the process. The only problem is that money in itself is not that unique, so quantity alone becomes what distinguishes one’s collection.
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I’d be interested in seeing the results of a study that measures empathy in lottery winners. This is a group of people who cannot reasonably claim their wealth came from anything other than dumb luck. How much more or less are they to treat others with contempt?
Well, the same could be said for the current crop of Bitcoin millionaires.
My neighbour, after going through a nasty split and losing his house, was given about $35000 to invest by his (rich) father. At the time he was spending a lot of time in the depths of Youtube etc. and decided to buy Bitcoin. He actually spent a lot of time trying to convince me to do the same.
Now, of course, I should have listened to him despite knowing then and now that it is/was a doomed thing. However, he made many millions and cashed a lot of them out at the peak.
Instantly my neighbour became an anti tax libertarian, shading into MRA, antivax and all the rest of the stuff that appeals to angry middle aged divorced rich guys with no training in critical thinking.
When I tried to remind him that his newfound zillions were the result of a gift from his dad and some dumb luck he got really angry, accused me of being brainwashed by the state media (CBC) and that was the end of our friendship (our kids are still friends so I still see him around). AFAIK he is looking at ways to shelter his riches offshore at this point.
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I have an idea for a real life experiment.
Give me a billion dollars and see if I became a cheating, lying asshole.
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He had some other good lines, too.
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Todd Snider comments on money in his song Easy Money:
At least a junkie knows what he needs
You get a man all strung out on green
He’ll give up everything he’s got
For just a one shot at havin’ it all.
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