One of the biggest questions swirling around the income inequality debate is whether the perks that come with being rich translate into a longer lifespan. Supporters of the idea say that merely having the money to handle most situations results in increased longevity. Critics of the idea say that the rich die just as quickly as the rest of us, citing accident and illness statistics. So, do the rich live longer?
The answer appears to be: yes. For a number of reasons.
Increased Life Expectancy
The Centers for Disease Control found that higher income correlates with a longer life expectancy. The study worked with 500+ Harvard students and inner-city Boston men. The subjects were followed throughout the 20th century, making it the longest-running longitudinal study of health.
The Harvard students lived an average of 10 years longer than the inner-city men. Roughly 30 percent of the Harvard students lived to 90, compared to the 3 to 5 percent averaged by the country as a whole. The connection between being rich and living longer is so widely accepted that researchers now call it “the wealth gradient in mortality.”
Improved Health
A new study from the Urban Institute found that when people were divided into five income groups, each income group was sicker than the one above it and healthier than the one below it. The results were consistent in almost every category of ailment and across all ethnic groups studied. Categories included heart disease, arthritis, kidney disease, and strokes.
People with higher incomes tend be more focused on the future, and were less depressed, which probably also helps them make healthier choices.
Here is the urban institute study.
Access to Better Healthcare
Higher incomes are associated with better health insurance. Having better insurance means you may get tested for health conditions earlier and be better able to follow complicated treatments. Better insurance also means a lower risk of catastrophic illnesses wiping out their wealth with expensive medical bills. Those with higher incomes are also more likely to follow doctors’ directions when it comes to taking pills or other instructions. Those with lower incomes are more likely to cut pills in half to make them last longer.
Less Stress
According to a 2016 analysis by Carol Graham of the Brookings Institute, the poor are far more likely to be stressed, worried, sad, and/or angry than the rich. The study also found that rich people live longer because they tend to drink less, smoke less, and are less likely to be obese. Factors like these generally increase with higher stress levels and contribute to longevity.
You can find the Graham’s Brooking Study here.
Do The Rich Live Longer? Yes, And They Also Work Longer
In sum, do the rich live longer? The answer is yes. This is partly because wealth allows the rich better access to health care, which improves their health. In addition, the rich have less overall stress, which allows them to make better long term decisions.
Interesting enough, good health itself doesn’t necessarily make you rich. It does however allow the rich to work longer hours than the average person. According to researcher Tom Corley, the rich work an average of 11 hours longer per week then the poor (here). This allows them to more rapidly increase their earnings and lets them take advantage of compounding, resulting in higher earnings and better net worth. It goes without saying that this higher pace of work can’t be achieved if you are unhealthy.
Read More:
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James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.
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