Does Wealth Always Equal Happiness? New Research Suggest No

New Nedbank Private Wealth research uncovers a more complex picture of wealth, revealing the private pressures of leadership and legacy at the top

In a climate of economic uncertainty – marked by slowing growth, rising inflation and global trade tensions – UK business leaders and wealthy individuals are facing increasingly complex financial decisions and mounting personal pressures.

Far from the glossy portrayals of effortless affluence, a more nuanced picture of wealth is emerging.

New research from boutique wealth manager and private bank Nedbank Private Wealth reveals that many high-net-worth individuals are under significant emotional strain, grappling with the burden of safeguarding assets, supporting family, and making difficult decisions under stress. The findings challenge long-held assumptions that wealth guarantees happiness or an easy life – with many now defining true wealth in terms of emotional wellbeing, peace of mind and a sense of control.

The findings offer rare insight into the emotional and psychological pressures facing those steering Jersey businesses and managing family wealth. A poll of 600 high-net-worth individuals and business owners in the UK including Jersey, found that within Jersey, 100% have concerns about planning and managing wealth (UK: 98%), and 98% experience emotional challenges in doing so (UK: 91%).

For over one in four in Jersey, financial risk in an unpredictable world is the most pressing emotional hurdle. This may help explain why 74% said the threshold of what it means to be ‘wealthy’ has risen in the past two years, as they seek a greater sense of security. 78% believe you need over £3m to be considered wealthy in 2025.

When asked about respondents’ top emotional challenges, the most popular answers included a feeling of anxiousness about financial risk in an unpredictable world, and the difficulty of balancing business demands with personal or family priorities. The burden of responsibility for others’ financial wellbeing, including employees and loved ones, weighs heavily on the conscience of many.

These findings challenge assumptions about detachment at the top. Far from being out of touch, many leaders are quietly shouldering the emotional weight of keeping businesses, livelihoods and long-term legacies on track.

Against a backdrop of popular culture fixated on extreme depictions of wealth, from The White Lotus and Saltburn to Succession, over a third (34%) of Jersey respondents said public narratives focus too heavily on excess and selfishness. Many believe the cultural portrayal of wealth ignores the emotional and moral responsibility it can carry.

However, the research also uncovered gender differences in emotional challenges. More women than men across the UK, including Jersey said the biggest strain was balancing professional and personal demands, and pressures around maintaining a lifestyle or social role. Women across the UK, including in Jersey are also slightly more likely to feel responsible for others’ financial wellbeing.

Legacy, too, is being redefined. When asked about changes respondents are making to their financial legacy as a result of the current economic climate, over one in four Jersey respondents (26%) are prioritising long-term financial resilience for future generations. 36% – chiming with by Bill Gates’s recent commitment to give away most of his fortune before he dies – view legacy through a broader lens – one rooted in ethics, contribution and values and shifting focus towards philanthropy and community impact.

When asked what lies behind these pressures, many cite a fear of failure, feeling caught in a high-risk, high-reward cycle and experiencing imposter syndrome.

Others speak of the anxiety that comes from sacrificing mental health or peace of mind for profit, and the isolation that stems from being misunderstood, even by those closest to them. Difficulties trusting others, maintaining friendships without strain and a persistent sense of vulnerability also emerges as recurring themes, that over time can start to impact overall wellbeing.

Cameron Walker, Head of Private Banking, Jersey at Nedbank Private Wealth, commented: “With a warmer climate than mainland UK, a flat income tax rate of 20% and beautiful surroundings, non-Jersey residents financially successful individuals in Jersey may appear to have it all. However, just like in the UK, wealth doesn’t guarantee happiness or certainty.

“The reality is living with wealth can add complexity, pressure and responsibility to one’s shoulders, and with ongoing economic uncertainty, the burden can feel heavier. Nedbank Private Wealth takes the time to understand clients each have a unique set of challenges on their minds in their personal and professional lives.

“When done well, wealth planning is about stewardship – making decisions with clarity, responsibility and purpose. Greater honesty about the emotional realities of wealth means being better equipped to support.”

The findings arrive at a time of renewed cultural reflection on wealth and wellbeing. Rather than calling for sympathy, they offer a powerful case for a more nuanced conversation about affluence – one that recognises not just the privileges, but the pressures that come with leadership, success and responsibility.

METHODOLOGY

The research was conducted by Opinion Matters, among a sample of 600 Respondents (500 UK, 50 Isle of Man, 50 Jersey) who have claimed investable assets of £1.5m+ or a total net worth of £15m+, and a main residency (more than 6 months of the year) in the UK. The data was collected between 25.04.2025 – 01.05.2025. Opinion Matters abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Opinion Matters is also a member of the British Polling Council.

ABOUT NEDBANK PRIVATE WEALTH

We are an award-winning boutique wealth manager and private bank offering wealth planning and banking services to high-net-worth clients all over the world. We pride ourselves on offering a personalised service to all our clients, taking the time to really get to know them, their goals, and ambitions.

We take a distinctly different approach to wealth management, and we don’t believe in a one size fits all model. Our advisers offer a personalised, end-to-end service, enabling you to enjoy the important things in life. Learn more at https://nedbankprivatewealth.com/