Do Rich People Actually Know How Wealthy They Are?

The UK suffers from the highest levels of income inequality in Europe – partly because of the delusions of its rich. In countries where the rich have less, they tend to be less delusional, about themselves, about other people, about what is possible, and about why some become rich.

In the UK, it is unsurprising to read that an investment banker thinks £100m is a lot of money but “not a ridiculous amount of money”. In a report in The Guardian newspaper this week, we also heard that one particular banker is “fairly confident” that a driven and passionate individual could “start from zero and get to £100m within 20 years”.

However, there is hope. In the research report that kicked off this latest set of news stories, Katharina Hecht from the London School of Economics and Political Science found that one third of her sample of extremely rich people working in the City of…

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