'Wealth might be quite isolating': Issues wealthy people face, based on therapists

Can money buy happiness? Contrary to what some might imagine, one million dollar paycheck doesn't necessarily include carte blanche.

While wealth can bring with it some unconventional problems—akin to being denied an invitation-only Ferrari or unintentionally destroying coral reefs with a 300-foot yacht—a lot of the other problems are those faced by the wealthy will not be as esoteric as we expect.

According to therapists CNBC spoke with, most often, the super-rich struggle with feelings of isolation, depression and paranoia, amongst other things – a spectrum of emotions that many others are likely to share.

“Most people can’t understand how rich people can have problems. They dismiss the mental health problems of rich people as insignificant and of secondary importance,” Paul Hokemeyer, a clinical psychotherapist who treats the ultra-rich, told CNBC.

A serious problem that Hokemeyer's clients suffer from is chronic isolation.

“They live in such a rare place of the top 1%, where there are very few people who share the realities of their world,” said the founding director of the Drayson Mews Clinic, who shared that the super-rich often can’t be completely secure whether there are individuals who like them for who they’re or for what they’ve.

“People tend to think of you as lucky and lucky – neither may be true,” said Amanda Falkson, a psychotherapist with experience in wealth counseling at Psychotherapy City.

She noted that additionally they face quite a lot of emotions akin to grief, trauma, loss and difficult relationships. However, there may be also the pressure of how the cash is spent and who might be trusted.

“Wealth can be quite isolating … sometimes all eyes are on you to see what you do with your money,” she said, noting that some clients are under pressure about how they need to be remembered and where the cash goes should flow – be it investments, philanthropy or constructing legacies.

Wealth could cause people across the super-rich to view them as objects, Hokemeyer observed.

Rich people are likely to have higher social status, and people who live in an influence deficit are sometimes interested in them. The latter may even see the wealthy as ladders to advertise them to more powerful positions, he said.

The psychotherapist shared that his clients are sometimes bombarded with a never-ending stream of requests.

“Their relationships are defined by what they can offer others, not who they are,” he added. Given this, the super-rich are likely to develop into more suspicious of the motives of the individuals who associate with them.

Therefore, it might even be difficult to calibrate the connection dynamics of rich individuals whose partners may not have the identical wealth or income, Hokemeyer said.

Often the wealthier spouse appears like they’re being “taken advantage of” for his or her money, and the partner with less financial power can sometimes be stereotyped or viewed negatively as a “gold digger.”

There can be a difference between those that earned their fortune and people who inherited it or suddenly found themselves with a big sum of cash.

People who’ve develop into wealthy through their very own achievements They have what's called a powerful internal locus of control, Hokemeyer said. They feel accountable for the course of their lives and are confident that they will make cash again within the event of a loss.

Conversely, those that suddenly acquire wealth – whether through an inheritance or the sale of a business – may find it harder to adapt to their latest purchasing power, status and circumstances, psychotherapists say. They even have less confidence in managing and preserving their assets.

The sudden influx of wealth can often result in existential identity issues and strains on relationships, Falkson said.

“If there is no need to work, where do you get your sense of meaning, purpose and structure? Will you become a walking dollar sign? “Where do I fit in socially now that I’m no longer part of my old world?” she said, voicing a few of her clients’ concerns.

“Wealth does not take away our human needs. And having meaning and purpose in life are very important needs.”