Radar

Dumb Money
Sad Super-Rich Feel Super-Malaise
prince_111307_fresh.jpg
BILLIONAIRE BLUES Prince Alwaleed (Photo: Getty Images)
Is Prince Alwaleed's purchase of a $300 million-plus "Flying Palace" a sign of his psychological inadequacies? Alwaleed, the largest individual investor in the beleaguered Citigroup, just lost $2.5 billion of his personal fortune due to the mortgage meltdown, but apparently decided he needed a little pick-me-up. Like any good mustachioed princeling, he dusted himself off and went shopping for an A380 superjumbo to add to his toy airplane collection.

But before your blood starts to boil at the injustice, take consolation in the news that you should be pitying rather than envying the billionaire next door, according to a series of studies pinpointing a syndrome called Wealth Fatigue Syndrome.

Among the findings? The super-wealthy are isolated from their former friends and associates, have meaningless marriages, depressed, neglected children, and are struck by an insatiable desire to spend more and more money, in spite of the fact that they are increasingly disillusioned with the assets they attain. Fortunately for wealth parasites, the syndrome has necessitated wealth shrinks, like Manfred Kets de Vries, who sagely opines: "Pretty soon, to attain the same buzz [the wealthy] have to spend more money. All the spending is a mad attempt to cover up boredom and depression."

As to what sort of amenities the Prince will choose to trick out his new plane, Airbus has remained mum. Perhaps we could suggest a lovely virgin cow-hide psychiatrist's couch where he can discuss all those mummy issues?

By Sarah Horne   11/13/07 9:17 AM
Related: Dumb Money, Prince Alwaleed
Send to a friend