New research has shown that wealthy individuals across the UK and Jersey don’t feel their cash is affording them happiness.
Private bank Nedbank released a report which dissected the age-old question – does wealth equal happiness?
It surveyed 600 high-net-worth (HNW) individuals and business owners across the UK and Jersey on the back of Mental Health Awareness Week and the publication of this year’s Sunday Times Rich List.
The report suggested that, maybe, being wealthy wasn’t what it seemed. Express took a closer look…
More stress in Jersey
HNW individuals in Jersey were more stressed than their UK counterparts about planning and managing wealth – all of them (100%) shared this response, compared to 98% in the UK.
They also experienced more emotional challenges in doing so compared to HNW individuals in the UK. 98% of Jersey HNW individuals reported this compared to 91% in the UK.
Over a quarter of individuals in Jersey surveyed said “financial risk and in an unpredictable world” was the most significant “emotional hurdle”.
Wealth, ‘redefined’
The report suggested that these feelings of emotional stress could be because HNW individuals were “seeking a greater sense of security”, since 74% said the threshold to achieve “wealthy” status had risen in the last two years.
78% agreed that you need over £3m to be considered “wealthy” in 2025.
“Legacy” was also evolving. A quarter (26%) of Jersey respondents were prioritising long-term financial resilience for future generations as a response to the current economic climate.
Legacy was seen through a broader lens for 36%, where ethics, contribution and values were prioritised and focus had shifted towards philanthropy and community impact.
This attitude contrasted depictions of wealth in popular culture through TV programmes and films like The White Lotus, Saltburn and Succession.
In fact, 34% of Jersey respondents believed public narratives focused “too heavily on excess and selfishness”. Many believed the cultural portrayal of wealth “ignored the emotional and moral responsibility it can carry”.
A closer look
Difficulty balancing business demands with personal or family priorities affected one in five of the HNW individuals surveyed.
However, those struggles translated to feeling a “heavy responsibility” for the financial wellbeing of employees and loved ones for just one in ten.
And women outweighed men within those numbers. Not only were they slightly more likely to feel responsible for others’ financial wellbeing, but more women attested that they felt the biggest strain was balancing professional and personal demands, as well as pressures around maintaining a lifestyle or social role.
The why
The report indicated that the reasons behind feelings of anxiety and stress among high-net-worth individuals were highly emotionally driven.
Fear of failure, feeling caught in a high-risk, high-reward cycle and experiencing imposter syndrome were said to be behind these feelings for many.
Anxiety came from “sacrificing mental health or peace of mind for profit” for other respondents, and the “isolation” of being “misunderstood”.
Recurring themes demonstrated that respondents had trouble trusting others and maintaining friendships without a “persistent sense of vulnerability”, affecting their wellbeing.
Despite the factors that bring or keep high-net-worth individuals in Jersey, Cameron Walker, Head of Private Banking, Jersey at Nedbank Private Wealth, said wealth is no “guarantee” of happiness.
“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 appeal to have it all,” he said.
“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.”