Why do high-income people still feel that they do not have enough money?

Do the wealthy just believe they deserve more?

Yes, and that belief directly shapes how much money they think they need. A 2023 study of Americans in the top 5% of income and wealth found that this group has distinct fairness preferences: they are significantly more willing to accept economic inequality than the general public [2]. This isn't just an abstract attitude—it predicts real behavior. The same study showed that this gap in fairness preferences between the rich and everyone else is linked to stronger opposition to government redistribution and more conservative voting [2]. In other words, if you believe the system is fair and that success reflects merit, you're more likely to feel that your own high income is still not 'enough' relative to what you deserve.

Crucially, the study found a split within the wealthy themselves. People who became wealthy through their own efforts (first-generation wealthy) were the most accepting of inequality, while those born into wealth had fairness preferences similar to the general population [2]. This suggests that the feeling of 'not having enough' may be especially acute among self-made high earners, who attribute their success to hard work and therefore feel entitled to even more.

Is feeling poor the same as being poor?

Not at all—and that's a key reason high-income people can feel financially insecure. A 2026 study of retirees in Australia introduced the concept of 'subjective financial well-being' (SFWB), showing it's not a static assessment of how much money you have, but an evolving system influenced by beliefs, emotions, and behaviors [3]. Even retirees with substantial savings can experience uncertainty and fear if they lack confidence in their planning or are exposed to negative media narratives about the economy [3]. This means that a high earner who is anxious about market volatility or unsure about their long-term spending plan can feel 'not enough' despite a high income.

This disconnect between objective and subjective poverty is well-documented. A 2023 study in Malaysia found that more people feel poor than are actually classified as poor by income-based measures [5]. Similarly, a study of low-income working lone mothers in Finland—a generous welfare state—found that feelings of poverty, loneliness, and self-sacrifice persisted regardless of government support [4]. While these studies focus on low-income groups, the principle applies upward: financial well-being is a psychological state, not just a bank balance. If high earners compare themselves to even wealthier peers, or if they have high fixed costs (a large mortgage, private school fees), their subjective experience can mirror that of someone with far less money.

Does lifestyle inflation keep high earners feeling broke?

Indirect evidence from multiple studies suggests yes. The research on fairness preferences among the wealthy [2] implies that high earners often believe they've earned their lifestyle, so they're reluctant to cut back. Meanwhile, the dynamic model of subjective financial well-being [3] shows that unexpected life events, policy changes, and media narratives can trigger financial anxiety even in those with high incomes. If a high earner's spending has risen to match their income—a bigger house, a nicer car, private schools—they have little buffer, and any threat to their income (a job scare, a market downturn) can make them feel acutely short of money.

The physical inactivity study [1] offers an unexpected parallel: it found that the relative burden of diseases caused by inactivity is highest in high-income countries, even though the absolute number of cases is higher in middle-income countries. Similarly, the relative feeling of 'not having enough' may be most intense among high-income individuals, even though objectively they have more resources. This is because their reference point is not the global poor, but their own peer group and their own aspirations. When your baseline is a luxury lifestyle, a small drop in income can feel like a crisis.

About These Sources

This answer is built on 5 peer-reviewed studies — published from 2021 to 2026, 1 from 2024 or later, 4 in Q1 journals, collectively cited 768 times — selected as the most relevant from 5 studies that passed quality screening, drawn from 44 papers retrieved from a database of over 500 million.

Sources used in this answer

Related research questions