Sociopathology is not normally considered to be a character trait of the wealthiest individuals in our society, but it is time that this theory be reexamined.
There are millions of millionaires in our society, multi-millions of multi-millionaires, but there is a limit as to what their wealth will allow them to do. They can live a life with a significant measure of luxury. A larger house, a second vacation home, nicer cars, a fishing boat or small yacht, country club memberships, extended vacations, private schools for their children, more nights out on the town, a maid or a nanny. There is a certain measure of economic protection that this type of wealth brings as well. But there is a limit to the luxury and the economic protection, and this measure of wealth can be squandered if one is not careful and prudent.
Surprisingly, most millionaires and multi-millionaires have much more in common with the poor and the middle class than they do with billionaires, simply because they are susceptible to the rise and fall of the economy, and could be faced with possible financial ruin. Millionaires and multi-millionaires may need to adjust their spending and investment strategies if the economy takes a downturn.
However, there comes a time in wealth accumulation where one becomes immune to the effects of an economic downturn. In fact, economic downturns become an opportunity to acquire more wealth by investing or purchasing assets that have become undervalued by the poor economy. In this scenario, the extremely wealthy are able to increase their wealth by taking advantage of other people’s economic misfortune, typically at advantageous terms.
It is unclear how much wealth is required before a person becomes immune to the effects of an economic downturn, perhaps $100 million dollars, a sum unfathomable to nearly everyone. And once this level of wealth is realized, attaining the next level of wealth – billionaire status – often becomes the goal. Approximately 1,000 people in this country have achieved billionaire status.
This amount of wealth far exceeds what any person could accumulate from their individual labor alone. For example, if a person would make $500 per hour, and work 8 hours a day for 365 days a year for 40 years, this would only be $58,400,000 for a lifetime of work. CEOs at Fortune 500 companies accumulate this amount of wealth in less than 5 years.
At some point, such levels of wealth can only be achieved by taking a significant percentage of the value of the labor performed and generated by employees. It could be argued that this is actually theft of services. Others would argue that this is acceptable practice in a capitalistic society. However, few workers would agree that this is fair, particularly when most people are being paid a half, a third, or a quarter of the true value of their labor.
If there was an equitable distribution of wealth, more people would be able to do basic things such as have an emergency savings account, not have to work two or three jobs, afford to buy a house, afford child care, afford health insurance, afford healthy food, and begin to pay federal income tax.
The fact that these basic expectations are up for debate at all is a profound indictment of this country’s capitalistic, wealth-driven economic and political system that so many Americans are so proud and protective of even though they are victims of the very system that they defend.
In addition, the fact that so many multi-millionaires and billionaires exhibit such an obvious lack of concern for the well-being of the many people whose labor has made their wealth possible is very disappointing but not surprising. Their wealth separates them from the rest of us and allows them to claim ignorance and deny responsibility.
One aspect of this excessive accumulation of wealth that has not been discussed is the fact that this wealth is invested and not spent.
When money is spent, it multiplies in value as it circulates through the economy. As a simple explanation of this economic mechanism, each dollar spent becomes available to be spent by the receiver, and is then available to be spent by the next receiver, and so on and so on. It is estimated that each dollar in circulation through the economy multiplies in value three times, and is available to benefit many people.
In contrast, when money is invested, whether it be in stock, bonds, gold, bitcoin, artwork, etc., the money is removed from the economy and cannot multiply in value. This money does nothing for anyone other than the person who owns it. Multi-millionaires, and billionaires specifically, control approximately 50% of the wealth in this country, wealth that is not being made available to the economy in a useful and productive way.
Imagine what this amount of money could do if it was used to create tangible products and services that allowed millions of people to have high-paying jobs. If only billionaires who control so much wealth would use it in constructive ways instead of hoarding it or using it to acquire other existing companies. Any concerns about generating profitability in producing the products and services needed by the American people should be the last thing on the minds of any socially aware billionaire given that they are so well insulated from the effects of profit and loss.
To reiterate, once a measure of wealth is achieved, additional wealth brings the ability to isolate oneself from the challenges and aspirations that most Americans have to deal with on a daily basis. It must be easy for the very wealthy to convince themselves that society’s issues have nothing to do with them, and to deny any responsibility for contributing to these issues, let alone committing to addressing and solving them.
Once a measure of wealth is achieved, acquiring more wealth at any social cost to others appears to become the goal. The wealthy seem to believe that they are entitled to magnitudes more of everything than are most Americans, and think nothing of manipulating the financial and political systems of this country in order to achieve this goal at minimal, if any, cost to themselves.
Moreover, the wealthiest among us believe that their opinions about anything and everything should take precedence in any discussion or debate, when in actual fact they have no expertise at all other than the fact that they were able to acquire great wealth at the expense of others. Too much attention is given to the ignorant and unsubstantiated opinions of the wealthy.
To allow such people to determine the future of this country is to ensure that the current system of wealth distribution will never change.
Which brings us back to the transition from millionaire to billionaire to narcissistic sociopath.
Per the Mayo Clinic, the definition of a narcissist is one who has an unreasonably high sense of their own importance. They need and seek too much attention, and they want and demand that people admire them.
Per the Cleveland Clinic, the definition of a sociopath is one who has significant, consistent, and persistent disregard for other people. They exhibit a lack of empathy, a willingness to disregard social norms, and to act impulsively without considering the consequences. They engage in consistent and repetitive abusive behaviors like gaslighting, manipulation, and deceit.
Based upon these definitions from highly respected medical authorities, one has only to observe the behavior of the very wealthy to conclude that many of them have indeed become narcissistic sociopaths. Perhaps they were born this way, perhaps they became this way over time as their wealth accumulated. It really doesn’t matter. The end result is the same.
Americans have to wake up. The very wealthy are not gods to be worshipped, idolized, and emulated. They are sick people. They are a cancer that grows uncontrolled in our midst. And right now, they are killing us.