TRENDING SCIENCE: So you want to be very rich? You’re in the minority

Do you want more and more? Does being filthy rich appeal to you? According to findings published in the journal ‘Nature Sustainability’, there aren’t that many who feel the way you do. Most would be happy with a few measly million.

Researchers at the universities of Bath, Bath Spa and Exeter in the United Kingdom surveyed almost 8 000 people across 33 countries spanning 6 continents to find out how much money they wanted to achieve an “absolutely ideal life.” Results suggest that the economic principle of “unlimited wants” – the long-time belief that people want an unlimited amount of money, possessions and services – is not true.In 86 % of countries, most people could achieve their “absolutely ideal lives” with EUR 9 million or less. In countries such as Argentina, India and Russia, as little as EUR 900 000 or less would do the trick for about 50 % of the people. What’s the going rate for an ideal life in the United States these days? Most said they would need at least EUR 95 million. Depending on the country, between 8 % and 39 % wanted as much money as they could obtain. These amounts correspond to a person’s ideal wealth during their entire lifetime.

People with “unlimited wants” were generally younger and lived in cities. They valued success, power and independence more. “Unlimited wants” were more prevalent in countries that accepted inequality more easily and in countries that concentrated more on group responsibilities and outcomes rather than individual ones.“The ideology of unlimited wants, when portrayed as human nature, can create social pressure for people to buy more than they actually want,” lead researcher Dr Paul Bain from the Department of Psychology at the University of Bath explained in a press release. “Discovering that most people’s ideal lives are actually quite moderate could make it socially easier for people to behave in ways that are more aligned with what makes them genuinely happy and to support stronger policies to help safeguard the planet.”

Co-author Dr Renata Bongiorno of Bath Spa University and the University of Exeter added: “The findings are a stark reminder that the majority view is not necessarily reflected in policies that allow the accumulation of excessive amounts of wealth by a small number of individuals. If most people are striving for wealth that is limited, policies that support people’s more limited wants, such as a wealth tax to fund sustainability initiatives, might be more popular than is often portrayed.”