Are Rich Children Happy?

Life really should be one long journey of joy for children born with a world of wealth at their tiny feet. But psychologists now believe that silver spoons can leave a bitter taste. If suicide statistics are an indicator of happiness, then the rich are a miserable lot. Figures show that it is the wealthy who most often do away with themselves.

Internationally famous child psychiatrist Dr. Robert Coles is the world's top expert on the influence of money on children. He has written a highly-acclaimed book on the subject, The Privileged Ones, and his research shows that too much money in the family can cause as many problems as too little. "Obviously there are certain advantages of being rich," says the 53-year-old psychiatrist, "such as better health, education and future work prospects. But most important is the quality of family life. Money can't buy love."

It can buy a lot of other things, though, and that's where the trouble starts. Rich kids have so much to choose from that they often become confused. Over-indulgence by their parents can make them spoilt. They tend to travel more than other children, from home to home and country to country, which causes feeling of restlessness.

"But privileged children do have a better sense of their positions in the world," adds Mr. Coles, "and they are more self-assured. I can't imagine, for instance, that Prince William will not grow up to be self-assured." Prince William is probably the most privileged child in the world and will grow up to fill the world's most privileged position—King of England. It is a fact that no one knows how much the Queen is worth. There are the royal estates—two palaces, two castles and a country mansion. There's also the royal picture collection, the stamp collection, the library, the jewels and royal yacht Britannia. Before he inherits that lot, William will succeed his father as prince of Wales and enjoy the income from the Duchy of Cornwall, currently worth 771 480 pounds a year. Known jokingly around the palace as West Country Limited, the Duchy consists of 26 600 acres of Cornwall including mineral rights for tin mining and 2 000 acres of forestry. It also owns the Oval cricket ground, 900 flats in London, oyster beds and a golf course.

So money will never be one of Prince William's problems. Living anything that resembles a normal life will. "He will have a sense of isolation," said Dr. Coles, "and he could suffer from the handicap of not being able to deal with the everyday world because he will never really be given the chance. Royals exist in an elaborate social fantasy; everything they have achieved is because of an accident of birth. There can be no tremendous inner satisfaction about that."

Today's wealthy parents perhaps realize their riches can be more of a burden to them than a blessing to their children. So their priority is to ensure that their families are as rich in love as they are in money.