Like most people, I watched with horror as the Titan submarine tragedy unfolded. We talked about it in a cafe, and when the news came on my phone, I jumped at it, wondering why people would actually pay to experience such a risk. Are these billionaires just vain or stupid after all? Or is reckless risk-taking built into their DNA?
It turns out that there is a lot of research covering different areas of psychology on why rich people take risks. A paper published in the journal Nature looked at how the personalities of 1,125 Germans with a net worth of over 1 million euros (so not all of them are “super rich”) differ from others. .
Nevertheless, this study showed that these relatively high-income people are generally more extroverted and, importantly, more tolerant of risk. This means that they may actually be drawn to thrill-seeking and risk-taking, such as adventure and extreme sports.
But as an expert, my next question is one of chicken and egg conundrums. What came first? Is it great wealth or a special personality? Does money shape character, or does character enable a person to build such wealth?
The answer here is a bit of both. A risk-taking personality will probably help you make money. But having great wealth is likely to bring you a lot of security in your life, not having to worry about where your next meal will come from or whether you can afford to heat your home in the winter. Become. Some may find life a little too safe.
French sociologist Pierre Bordeaux argued that our way of being in the world, or “habitus,” is part of who we are. People from different cultures and particular histories tend to share a habitus. This means that society may ultimately shape a person's mind.
For example, consider how much money we have. Wealthy people do not consider sports cars to be unobtainable. Rather, I think of it as a suggestion for something that would look good on your driveway. Their wealth, in part, shapes their worldview and how they live in that world. If risk-taking is part of the wealthy's personality, it will be a relatively normal experience in their daily interactions with the world.
However, research also shows that personality is not fixed, but changes over the lifespan in response to experiences. For example, new life experiences such as going to university or having a child can change your worldview, changing your personality and how you interact with the world.
If you take a lot of risks in your daily life, this reflects who you are and strengthens your risk-taking personality traits, leading to more risk-taking experiences. This may explain why many rich people end up taking risks, whether it's in their genes or not.
credibility
Rich people may view risk-taking quite differently from those of us who, like me, consider risk-averse.
Dangerous activities are far from my personality. So when I find myself engaging in something potentially dangerous, beyond my normal habitus experience, I feel very uncomfortable. For risk-averse people, “living life to the fullest” doesn't require BASE jumping or free climbing. These things contradict their experience.
WikipediaCC BY-SA
According to this logic, it is natural that wealthy people experience risk. For many people, driving fast cars, skiing, and skydiving are normal expressions of this kind of risk tolerance. But if you are very wealthy, an even more extreme example of a very dangerous experience may come to light that may ultimately help them live an authentic life, i.e. be true to themselves. not.
Interestingly, being risk-averse and living an honest life is not viewed as highly valuable socially. We often think that a life well lived should include whitewater rafting, horseback riding, and, if we can afford it, spaceflight.
Risk-takers are also often seen as desirable in business as people who can move a company forward. Again, risk aversion is considered less desirable. We often see it as holding things back, rather than seeing it as something that reflects solidity and stability and has a calming, stabilizing influence.
I would argue that both ways of engaging with the world are perfectly valid and should be valued equally. After all, our species has relied on a combination of both explorers and risk assessors to thrive.
eudaimonia
Capitalism is all about consumption and controls most of the world. From flashy designer handbags and fancy sports cars to expensive activities, it's what we do and what many of us value. We even consume to satisfy existential needs.
what are those? Eudaimonia is about living life to the fullest in a satisfying way. Aristotle described it as the highest of human virtues, a state of positive and divine being. His contemporary Epicurus argued that the joyful life was the most authentic way to explain eudaimonia.
Therefore, I would argue that wealthy, risk-taking people simply consume in a way that is as satisfying as possible from a eudaimonian perspective. Risk-averse people ultimately do the same thing, but in very different ways. Both live honestly, joyfully and naturally, respecting their customs.
It's no wonder people pay so much for the experience Titan promises. Before dismissing it as greedy stupidity, you might want to consider the more honorable reasons behind such behavior.
And if we want to reduce accidents, how can we encourage risk-taking as a society, rather than blaming individuals, billionaire or not, who are simply trying to live a fulfilling life? Perhaps you should consider whether you are underestimating safety regulations.
