"Shame is a normal emotion, and feeling ashamed of wealth is a valid sentiment," confessed Julia Davies, a British millionaire in her 50s.

Davies, a former lawyer and investor, was instrumental in establishing the European branch of Osprey, the globally recognized backpack brand. In 2018, she sold her shares, acquiring substantial wealth. However, this windfall brought not satisfaction, but a new psychological condition: wealth shame.

Wealth shame is characterized by guilt over excessive wealth. It often affects individuals who have risen from poverty or affluent people who feel like "traitors" in the face of widening socioeconomic disparities.

Illustration: Revelia

Christine Hargrove, President of the Financial Therapy Association in the US, reports a significant increase in affluent clients seeking help for wealth shame. Hargrove states, "Many individuals conceal their wealth, fearing they will become targets of public criticism."

Davies' guilt stems from valid concerns. The wealth gap in the UK has widened by 50% over the last eight years, with the 50 wealthiest families possessing more assets than the poorest 34 million people combined. In early 2024, Oxfam issued a warning that billionaires' wealth growth is significantly outstripping that of the global population. Davies asserts, "The appropriate reaction to this reality is shame."

Davies, who was not born with a silver spoon, grew up in south Wales with a bricklayer father. Her early life instilled a discomfort with lavish living. She stated, "Money grants you the ability to achieve what others cannot. It is truly shameful to use it to endorse an extravagant consumer lifestyle."

Phil White, a former engineer who became a millionaire after selling his consulting firm, echoes this sentiment. He views traditional philanthropy as merely "a drop in the ocean". White has joined the Patriotic Millionaires network, advocating for increased government taxation on the wealthy.

White argues, "Charity relies on the arbitrary desires of the wealthy and fails to address systemic issues. Only governments possess the capacity to redistribute wealth effectively."

White's realization occurred during the Covid-19 pandemic. As many struggled in confined spaces, he enjoyed a comfortable rural existence due to passive income. This sense of "unjust privilege" motivated his activism.

For individuals like Julia Davies and Phil White, guilt transforms into constructive action. Davies established an environmental fund for nature restoration, and White champions equitable tax policies.

Davies concludes, "Excessive consumption is akin to eating fast food; it doesn't provide true satisfaction. Lasting happiness arises from benefiting others, not from the fleeting excitement of acquiring another luxury item."

By Bao Nhien (Source: Independent)