I think there’s a number of different aspects to this that could put it in context.
Yes there are a few obscenely wealthy people, like a dozen in the world, for whom it’s just a game and pretty meaningless. For the remaining merely wealthy people:
Your means increase as you move through life and your responsibilities, commitments, and tastes also increase. I might earn 6 times what I did when I was 20, but now I’m supporting a family et cetera. This same dynamic effects wealthy people in a similar but different way. People tend to live beyond their means. Someone making several million a year might end up with a few holiday homes, a mistress or something, a bunch of truly expensive hobbies (like… a horse stud farm or something). They might realise they’re “wealthy” but unless they earn a bunch more money they won’t be able to race their horse in qatar or whatever thing they desperately need to do to validate themselves.
Another aspect I’ve heard of, is that wealthy people are often anxious of losing everything. If you have a business that earns millions, it’s sensible to worry that the market might change and suddenly it’s worthless. This is the reality for the majority of businesses that are not publicly traded. As in, great grandpa formed a company that made squillions of dollars selling woollen socks during the first and second world war, but by the 80s it was really just ticking over paying wages and by the 90s it was insolvent. It’s natural to want to consolidate your position by buying some other company that makes hats or whatever.
The vast majority of people only accumulate enough wealth for their own lives. Once you’ve reached that point where you really couldn’t reasonably spend the wealth you’ve accumulated, then you’ve probably already switched over to accumulating wealth for your progeny. Lasting generational wealth is more or less impossible unless you own a country or something because your progeny increases exponentially, and their lavish tastes increase, and their ability to make sensible financial choices decreases.
Finally, you don’t end up with more money than you could ever spend by being satisfied with however much money.
I think there’s a number of different aspects to this that could put it in context.
Yes there are a few obscenely wealthy people, like a dozen in the world, for whom it’s just a game and pretty meaningless. For the remaining merely wealthy people:
Your means increase as you move through life and your responsibilities, commitments, and tastes also increase. I might earn 6 times what I did when I was 20, but now I’m supporting a family et cetera. This same dynamic effects wealthy people in a similar but different way. People tend to live beyond their means. Someone making several million a year might end up with a few holiday homes, a mistress or something, a bunch of truly expensive hobbies (like… a horse stud farm or something). They might realise they’re “wealthy” but unless they earn a bunch more money they won’t be able to race their horse in qatar or whatever thing they desperately need to do to validate themselves.
Another aspect I’ve heard of, is that wealthy people are often anxious of losing everything. If you have a business that earns millions, it’s sensible to worry that the market might change and suddenly it’s worthless. This is the reality for the majority of businesses that are not publicly traded. As in, great grandpa formed a company that made squillions of dollars selling woollen socks during the first and second world war, but by the 80s it was really just ticking over paying wages and by the 90s it was insolvent. It’s natural to want to consolidate your position by buying some other company that makes hats or whatever.
The vast majority of people only accumulate enough wealth for their own lives. Once you’ve reached that point where you really couldn’t reasonably spend the wealth you’ve accumulated, then you’ve probably already switched over to accumulating wealth for your progeny. Lasting generational wealth is more or less impossible unless you own a country or something because your progeny increases exponentially, and their lavish tastes increase, and their ability to make sensible financial choices decreases.
Finally, you don’t end up with more money than you could ever spend by being satisfied with however much money.