Over the course of my life, I have met a handful of high net worth individuals. These individuals were chain grocery store owners, housing developers, entrepreneurs, asset managers, etc. In some cases, it was not immediately apparent the individual was wealthy. Even in situations where I discerned the person had extreme wealth, I had to listen carefully to both what was articulated and what was unspoken.
I’ve discovered that truly wealthy individuals, or people with net worths over $2.2 million dollars, have a series of traits that testify to their financial security. Here are the traits that stand out most:
They value their time.
If a wealthy person loses their money, they can earn more money if they have the time to recoup loses, the right mindset, and networks. Wealthy people value their time, understanding they cannot redeem it. They prefer to spend their time on things that deliver the highest return on investment. Because time is so important, many wealthy people aren’t going to spend all of their time on social media – unless they run a social media business. If you want to know if a person is truly wealthy, watch how they value and spend their time.
They tend to be philanthropically inclined.
People with deep wealth tend to be philanthropically inclined. Many give quite generously to causes that matter to them. When I was in college, I was a part of a ‘Keidaean Honor Society.’ It was an exclusive, unique to the University of Rochester, honor society. When I graduated, I was invited to a reception of all prior Keidaeans. I put on my Sunday best and walked into the room, determined to make a lasting impression. Nothing could have prepared me for what I would experience.
The event was designed to spur donations for the University. Multiple people explained why they made multi-million-dollar donations to the university. One person announced a $4 million dollar gift; another, a $3 million dollar gift. I quickly discovered that I was the exception in that I could probably only give a few hundred dollars. Nothing about the people who publicized their gifts communicated, ‘I’m loaded.’ In that moment, I learned an enduring lesson: real wealth is not always demonstrated in what a person wears but rather, in how they give.
They can be modest.
The next thing I’ve observed is that some wealthy people are modest. In some cases, modesty is a personal choice, and in other instances, it is a practical decision. Revealing the scope of one’s wealth can put a person in danger. Certainly, some high net worth people are flashier than others. Years ago, I met a man who owned a series of grocery stores in upstate New York and along the East Coast. When he walked into the room, it was clear that there was nothing average about him.
Other than this individual, most of the high net worth people I’ve met have been very modest. I only knew they had wealth after a series of conversations, or by observing their financial contributions to their local community. For these reasons, when I hear a person bragging about how much they have, it is an immediate red flag.
It’s quite possible that these observations stand out to me because I do not belong to the same socio-economic class as the individuals I referenced. High net worth individuals likely belong to networks of other high networth individuals. They likely experience life with people in their class-strata.
Social Media Democratizes Attention; Not Wealth
In closing, I wrote this blog because it’s tempting to look at people on TV and ascribe wealth to them that they may not have. It’s also easy to monitor social media feeds and compare oneself to the highlight reels of others. But please keep in mind that social media tends to democratize attention.
Anyone can develop a platform and reach thousands of people. Having a large platform isn’t an indication that a person is high net worth any more than seeing a person on television.
While there are lots of people with extreme wealth, many have very specific traits that characterize them. Look for the traits, not the outward appearance of wealth.
Jennifer R. Farmer, aka The PR Whisperer®, is an author, lecturer and strategic communications expert. See her other blog posts and subscribe for updates.