Problems faced by the rich, according to therapists

Can money buy happiness? Contrary to what some may think, a million-dollar salary doesn't necessarily mean a problem-free pass.

While wealth can bring with it some unconventional problems (like being denied an invitation-only Ferrari and accidentally destroying swaths of coral reef with a 300-foot yacht), most other problems rich people face may not be as esoteric as we think.

According to therapists CNBC spoke to, more often than not, the super-rich struggle with feelings of isolation, depression and paranoia, among others, a spectrum of emotions that many others tend to share.

“Most people can't understand how the rich can have problems. They dismiss the mental health problems of the rich as insignificant and minor,” Paul Hokemeyer, a clinical psychotherapist who treats the ultra-rich, told CNBC.

One of the main problems Hokemeyer's clients suffer from is chronic isolation.

“They live in such a rarefied place of the top 1% where there are very few people who share the realities of their world,” said clinic founding director Drayson Mews, who shared that the super-rich often can't be completely sure whether I like people for who they are or what they have.

“People tend to see you as lucky and happy; neither of those things may be true,” said Amanda Falkson, a psychotherapist versed in wealth counseling at Psychotherapy City.

She noted that they also face a range of emotions such as grief, trauma, loss and challenging relationships. But on top of that, there is pressure on how money is spent and who to trust.

“Wealth can be quite isolating…sometimes all eyes are on you to see what you do with your money,” he said, noting that some clients face the pressure of how they expect to be remembered and where the money should go, since whether it be investments, philanthropy or legacy creation.

Wealth can cause people around the super-rich to see them as objects, Hokemeyer observed.

Rich people tend to have a higher social status, and those who live in diminished states of power are often attracted to them. The latter might see the rich as ladders to elevate them to more powerful positions, she said.

The psychotherapist shared that his clients are often bombarded by an endless stream of requests.

“Their relationships are defined by what they can offer to others and not by who they are themselves,” he added. In this context, the super-rich tend to be more suspicious of people's motives for associating with them.

As a result, it can also be difficult to gauge the relationship dynamics of wealthy people whose partners may not have the same wealth or income, Hokemeyer said.

Often, the more well-off spouse may feel like they are “being used” for their money, and the spouse with less financial power may sometimes be stereotyped as a “gold digger” or viewed negatively.

There is also a difference between those who earned their wealth and those who inherited it or suddenly found themselves with a large sum of money.

People who became rich thanks to their own achievements. They have what is known as a strong internal locus of control, Hokemeyer said. They feel in charge and responsible for the trajectory of their lives and are confident in their ability to make money again if they lose it.

By contrast, those who suddenly acquire wealth – whether through an inheritance or the sale of a business – may have a harder time adjusting to their new purchasing power, status and circumstances, psychotherapists said. They also have less confidence in managing and maintaining their wealth.

The sudden influx of wealth can often lead to existential identity challenges and relationship strains, Falkson said.

“When there is no need to work, where do you get your sense of meaning, purpose and structure? Do you become a walking dollar sign? Where do I fit in socially now that I am no longer part of my old world?” she said, expressing some of his clients' concerns.

“Wealth does not eliminate our human needs. And having meaning and purpose in life are very important needs.”