Richest people on earth

Feel free to reach out to PSG Wealth Manager Dawie Klopper directly.

However, there is more to this question than simply providing the answer you would have given in a quiz. What is wealth all about, or relatively speaking, is there perhaps a more generic answer that may prove more valuable?

People want to be rich as it seemingly makes them happier. Then you can buy what you want, and even squander it. It wouldn’t matter if your grandson sat on your new couch with his wet swim trunks. Or would it? Perhaps he is just disrespectful?

So, is wealth about respect or admiration? Not at all. I have come across the following definition of respect, which I tend to agree with – even within the context of my question above.

Respect means accepting someone for what they are, even when they are different from you, or you don’t agree with them. Respect in your relationships builds feelings of trust, safety, and wellbeing. Respect doesn't have to come naturally – it’s something you learn. So, I should be able to respect Musk and even the beggar on the corner, even if I don’t agree with what they do or say.

If wealth is about making you a happier person, then you should find many happy people living in Hermanus and Stellenbosch and Zürich, but that’s not necessarily the case.

According to Psychology Today magazine, happy people are those who live a purposeful life. They find happiness in lasting relationships, have pertinent goals, and live their values. Happy people are not only focused on material wealth or luxury holidays. They enjoy the simple pleasures of life – pampering a pet, sitting under a tree, and enjoying a cup of tea.

Angus Campbell, a US psychologist who researched what makes people happy, says in his book The sense of wellbeing in America having a strong sense of controlling your life is a more dependable predictor of positive feelings of wellbeing than any of the objective conditions of life that may have been considered.

Are riches and wealth the same thing?

No, not necessarily. Riches are exhibited more demonstratively. In contrast, wealth might be handled more discreetly. Having a lot of material possessions may create the impression that someone is very well off, but doesn’t reflect the amount of debt that person incurred to buy the new home or car. Perhaps they want to earn the respect or admiration of others by acquiring these possessions, whilst those they wanted to impress rather admire the home or car itself.

Remember my story about the teacher who accumulated so much wealth in his lifetime? At the end of his life, he was quite happy to live in a flat that used to be a double garage. I underestimated his wealth, and I think so did many other people.

So, what is wealth all about? Is it about respect, admiration, riches, the value of your investment portfolio or the happiness money can buy, or is there more to it?

Clearly, it’s so much more. I have so many clients who held a very good job over the years (for instance, a professor, a pastor, an engineer who worked for the CSIR) accumulating a decent pension and other investments, who are very happy, or consider themselves very well off and successful.

And this is how it should be, as Morgan Housel believes the richest people are those who are able to do what they want, when they want, with whom they want, for as long as they want to… and this is precisely what the people I described above are able to do within the lifestyle that makes them happy. These people earn respect and are clearly happy with what others may consider a simple lifestyle.