“You are not rich until you have something that money cannot buy.” — Anonymous
Those who read Play 01: What is success? might recall the paragraph in which, speaking to young professionals or students, I used to run a quick exercise to illustrate how complex this topic is by asking four simple, but revealing, questions. One of them was “Who wants to be as rich as Bill Gates?” In this post I will try to argue “Why Money Doesn’t Bring Happiness — Nor Does the Amount.”
A Lesson from a Wealthy Man
In 2005, while serving as President of HVB Bank Romania, I was invited by a friend, a famous politician and businessman, to join the Board of Directors of his holding in Amsterdam. His company had long been a client of both HVB Bank Romania and its parent, Bank Austria, so it was essential for us to understand how the company was being managed. I accepted.
My friend wanted to prove to financiers and the market that his company adhered to the highest standards of corporate governance. To that end, he brought in at least two independent directors: myself and the former head of Deloitte Netherlands.
I was deeply impressed by my friend’s intelligence, vision, and profound knowledge of his industry — paired with sharp business instincts. In 2007, anticipating the financial crisis, the other board members and I advised him to sell his controlling stake to a strategic investor who could properly capitalize the company. After extended negotiations, he sold his company, and he ultimately collected close to two billion US dollars.
He had achieved his dream to become Romania’s richest man. After the deal, I asked him what he would do with the money. He said he had many plans: within three years, he wanted to reach five billion, and in another three, ten. Yet, despite all those resources, just five years later, he passed away at age 62, his health weakened by complications following a liver transplant. He left behind a much-diminished fortune that his heirs are still contesting today.
The story carries several lessons.
The National Obsession with Wealth
After the Romanian Revolution of December’ 89, the pursuit of wealth by any means became something of a national sport. Dreams of more money, bigger houses, luxury cars, and jewelry became a fixation — much like in other developing economies such as CEE, Russia, China, India, or Brazil. Each year, some people even paid to appear on lists of Romania’s wealthiest citizens (while others paid to stay off them).
To be clear, most of those who built fortunes did so through hard work, ingenuity, and, of course, a bit of luck.
I don’t mean to suggest that wealth itself is bad or to discourage anyone from pursuing it if honestly earned. But measuring success solely by wealth almost guarantees disappointment. Statistically, only a tiny fraction of any nation’s population will ever reach it.
The Numbers Don’t Lie
According to the UBS Group Global Wealth Report 2025, which covers wealth data as of the end of 2024, approximately 58 million individuals worldwide had a net worth (assets minus debts) exceeding US$1 million — less than 1% of the global population.
- In the U.S., millionaires made up 8.5% of the population.
- In the United Kingdom, 5.8%.
- In France, 5.6%.
- In Germany, 4.4%.
- In Japan, 2.7%.
- In Italy, 2.6%.
- In Greece, 1%.
- In Poland, 0.4%.
- In Hungary, 0.3%.
- In Romania, 0.1%.
Those who dream of becoming millionaires can do the math themselves.
The Addiction of Wealth
Wealth can become addictive. John D. Rockefeller, one of the wealthiest men of all time, was once asked how much money would be enough. His answer: “Just a little more.”
Author David Foster Wallace described this dependence vividly in his famous Kenyon College speech: “If you worship money and things — if they are where you tap real meaning in life — then you will never have enough.”
The subject often sees the Bible misquoted. Many say, “Money is the root of all evil.” In fact, 1 Timothy 6:10 clarifies: “For the love of money is the root of all evil.” Money itself is not the problem — it becomes a problem when it turns into obsession, status-seeking, or the sole definition of success.
Success Beyond Money
Money does not make us happier or more successful. As Greek magnate Aristotle Onassis once said: “After you reach a certain point, money becomes unimportant; what matters is success.”
In Romania and worldwide, countless people have built fortunes through ingenuity, perseverance, risk-taking, hard work, and wise decisions. They deserve respect — but not all of them need to be taken as models of success.
History is full of wealthy people who were deeply unhappy — undone by illness, family conflict, legal troubles, or tax battles. Some neglect their health and loved ones in pursuit of ever more wealth; others, though already rich, cut corners and commit fraud, ending up in prison.
Even lottery winners often find their “good fortune” turns into a nightmare. Statistics show that within a few years, nearly 90% of lottery winners end up worse off than before.
A Healthier View of Wealth
Undoubtedly, money can bring security and open doors to opportunity, ensuring a comfortable life for one’s family, affording better education, travel, and, perhaps most importantly, helping others.
But more important than knowing how to make money is learning how to enjoy it — using it wisely, for your own good and for those around you.
Questions for Reflection
- For you, does wealth equal success — or not?
- What would you give up to be rich?
- If you suddenly had one million euros, what would you do differently than you do today?
📄 Download The Chairman’s Playbook Worksheet – Play 22: Money Dosen’t Bring Happyness
📚 Further reading
1. Morgan Housel — The Psychology of Money
Elegant reflections on wealth, greed, fear, and satisfaction. Housel argues that freedom, autonomy, and enough are more important than riches.
2. Barry Schwartz — The Paradox of Choice
Explains why more wealth can lead to decision fatigue, anxiety, and never feeling satisfied, directly supporting your Rockefeller and David Foster Wallace references.
3. Elizabeth Dunn & Michael Norton — Happy Money: The Science of Happier Spending
Shows that money can increase happiness only if used for experiences, giving, and reducing stress, not for accumulation..
4. Tim Kasser — The High Price of Materialism
A research-based explanation of how materialistic values lead to lower happiness, weaker relationships, more anxiety, and less life satisfaction.
5. Michael Sandel — What Money Can’t Buy
A philosophical argument that some things should never be monetized.
6. Robert Skidelsky & Edward Skidelsky — How Much Is Enough?
Argues that beyond sufficiency, wealth becomes distraction and excess.
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