When being rich feels wrong: Inside the world of millionaires battling 'wealth shame'

"It might seem surprising that she, of all people, should be talking about this; after all, Ms Davies is very much in the category of the "haves", rather than the "have-nots", herself. Now in her 50s, the angel investor previously worked as a lawyer before helping to set up the European arm of Osprey - the phenomenally successful premium backpack company - in 2003. She sold her stake in the business in 2018 for an undisclosed but "game-changing" sum."

"Originally hailing from a working-class family in south Wales, Davies was not born into wealth. Her father, a "real grafter", left school at 14 and became a builder, working his way up the trade until he had his own successful business. But money could not be relied upon - it was a childhood of feast or famine, with multiple recessions taking their toll and the family home being at risk whenever her father's buildings did not sell. "I think my background did make me more aware of wealth," Ms Davies said. It meant that, when she finally came into serious money, she was not content to conform to the stereotypical picture of a self-serving multi-millionaire splashing the cash on superyachts and private jets. She felt called to put that money to good use."

""Wealth shame" - the experience of feeling a deep sense of discomfort and shame around having money, whether because someone grew up in poverty, feels like a class traitor, or inherited rather than earned their fortune - has become more of a talking point in recent years. The president of Britain's Financial Therapy Association, Christine Hargrove, said she has seen an increase in rich clients who are struggling with this issue. "Many of them feel like they have to hide money-related aspects of their past or present, otherwise they'll be on the front lines of the class war," she said."

Ms Davies rose from a working-class background in south Wales to co-found and later sell her stake in Osprey, experiencing childhood instability during repeated recessions. That background produced reluctance toward conspicuous consumption and a desire to put wealth to purposeful use. The phrase "wealth shame" describes discomfort among affluent people about owning money, arising from poverty, perceived class betrayal, or inherited fortune. Financial therapists report a rise in wealthy clients hiding money-related aspects of their past or present and feeling moral misgivings. Some of those feelings lead to support for higher taxation or more redistributive measures.

Read at Irish Independent