Jeff Bezos, the wealthy founder of Amazon, has treated himself to a gigantic yacht worth more than $500 million. But to get it to the sea, it would have been necessary to dismantle Rotterdam’s historic Koningshavenbrug bridge dating from 1878… which the city refused to do. Billionaire Larry Ellison, co-founder of Oracle, bought a Hawaiian island for $300 million, just like Guy Laliberté, who bought Nukutepipi Island in French Polynesia for $7.6 million in 2007.
Real estate developer Luc Poirier, a Quebec multimillionaire, admits to having extravagances, such as his collection of 58 cars worth $60 million. “I have all the Ferrari cars from 1970 to today, the two-seater models, for the road,” he lists. I bought my last one today, I’ll pick it up this afternoon. »
He would have liked to be the first Canadian space tourist. He even made a deposit, around 2005, to Virgin Galactic, a company founded by British billionaire Richard Branson. “The flights were supposed to start in 2012, they were always postponed. Finally, I got my deposit back. I still think about it. I’m going to go there one day, into space. » Another extravagance? “In 2009, I climbed Everest, the cost: $100,000, but that’s mainly the time it took, two months! »
In this era of challenges, we have this desire to always surpass ourselves, to go further, higher, and to show others that we are capable of anything, believes psychologist Geneviève Beaulieu-Pelletier. “There is a search for thrills and there are people for whom this search is more important. Not everyone needs the same level of stimulation, but for some, it takes a good dose to feel alive. The more thrills I experience, the more I will want to experience others, each time with more intensity,” explains the associate professor at the University of Quebec in Montreal (UQAM).
“We are also looking for pleasure when we make a purchase. The reward system in the brain activates, which creates excitement. But once the purchase is made, the effect fades, because it is very ephemeral, and above all, it has not filled a real need. We will want to buy something bigger, more expensive, more extravagant, to have a greater feeling of pleasure,” continues the psychologist.
Even if Luc Poirier buys very nice cars, his motivation in the beginning was to escape poverty. “If I hadn’t wanted more at 14, I’d be on welfare like my mother was. For me, money is freedom,” he confides.
Billionaires fascinate, and their lifestyle raises a lot of questions, even animosity. In France, environmentalist deputies EELV (Europe Écologie-Les Verts) tried to ban private jets by proposing a law in February 2023… which was not adopted. In the summer of 2022, in the middle of a heatwave, there was an awareness among many French people, in particular, thanks to Twitter accounts like I Fly Bernard, laviondebernard or ElonJet but Delayed (formerly @Celebrity Jet Tracker), which follows the private jet flights of billionaires like Elon Musk or Bernard Arnault, president of the luxury group LVMH.
The latter made a record 10-minute private jet flight between West London and East London. “These whimsical flights in private jets, especially over short distances, no longer exist, especially since in France we have a very efficient TGV network. Let the ultrarich take a commercial flight or a first class train ticket! “, says Julien Bayou, EELV deputy for Paris, in an interview with La Presse.
According to a Greenpeace study published last March, there were 572,806 private jet flights in the European Union in 2022. And 55% of these flights were short or very short, i.e. less than 750 km. “The ultra-rich have a responsibility, and we need to legislate on private jet flights,” thinks MP Bayou.
This is a false debate for Luc Poirier. “The rich who fly around in private jets pay taxes that help reduce countries’ CO2. For example, in Quebec, the government subsidizes people who buy electric cars. And where does this money come from? Rich people who pay a lot of taxes. I’m going to pay about 50 million this year. It funds hospitals, schools, so we have to stop always criticizing the rich, because we give back to society through our taxes and the foundations in which we are involved,” he says.
When we list the extravagances of certain billionaires, psychologist Jacques Forest addresses the notions of happiness and financial satiety. “Even if you have three private jets, five Lamborghinis, three yachts, and you’ve been to space three times, if you’re still struggling with life and your psychological needs aren’t being met, no more money will not bring you more happiness”, analyzes the full professor at ESG UQAM.
A study carried out in more than 150 countries shows that the maximum effect of money on happiness is, in North America, around an annual salary of $105,000. “We can discuss the amount, increase it a little, but the idea to remember is that beyond this amount, money no longer has any effect on your happiness. Are billionaires who take tours in space really happier than if they went to the spa with their friends? », asks Jacques Forest.
Nevertheless, the desire to show off one’s wealth remains strong. “We live in a consumer society and in this social context, it is rewarding to show off our possessions, to own a yacht, a jet, a large house. We seek recognition, we want to impress, to feel more powerful and admired, thinks psychologist Geneviève Beaulieu-Pelletier. Maybe that’s what some billionaires are looking for. »
For Professor Jacques Forest, the ultimate criterion is the well-being of populations. “More money does not bring more happiness, more fairness and justice bring happiness. » He advises everyone to read this book that changed his life: Equality is better: Why wealth gaps are ruining our societies. “Two British epidemiologists, Kate Pickett and Richard Wilkinson, demonstrate that living in a more equitable society is better for everyone, even the richest and billionaires. »
Number of billionaires in the world, according to Forbes, in 2022. Together, their fortune is estimated at $12.7 trillion.
Elon Musk, Jeff Bezos and Bernard Arnault occupy the first three ranks in the ranking.
The United States has the highest number of billionaires, with 735. China follows with 607, then India (166), Germany (134) and Russia (84). Canada comes in 8th with 63 billionaires.
There are 19 times more billionaires in the world today than there were in 1987, according to Forbes.
