We all know that having wealthy friends can mean expensive dinners, lavish parties, and vacations you can barely afford. Friendships have always had their challenges, but wealth can add a whole new dimension.
But does being close to rich friends hurt your own goals, or does it motivate you to aim higher?
Can Wealth Create a Divide Among Friends
When friends have different levels of wealth, it can feel like they live in different worlds. From luxury cars to five-star hotels, a wealth gap can sometimes feel like a chasm. Dr. Elise Turner, a psychologist in California, says, “Friendships often rely on common experiences and interests. When one friend’s lifestyle drastically differs, misunderstandings can arise.”
A recent survey from YouGov in 2023 showed that 45% of people felt “awkward” when spending time with friends who had much more money than them. The study also indicated that people with less wealth often felt judged or left out when their rich friends spent big.
When Rich Friends Inspire Ambition, Not Resentment
Despite the awkwardness wealth gaps can create, many believe that rich friends can actually be a source of motivation. For some, seeing a friend’s success serves as proof that achieving similar goals is possible. “My friends’ success inspired me to work harder,” says Aiko, a young entrepreneur from Japan. “It’s like seeing what’s achievable if you really go for it.”
Rajiv, a relationship counselor in India, explains, “Ambition can be contagious. If your rich friend got there by working smart and taking risks, it can motivate you to do the same.” Rich friends can show us paths to success, but only if we have the right mindset.
Jealousy: The Elephant in the Room
Jealousy is hard to avoid and is our most natural emotion when you see friends living a life that seems like a dream, it’s normal. Psychologists say that jealousy in friendships is often a natural response, especially when money is involved.
Psychologist Dr. Louise Fernandez from Brazil mentions, “Jealousy isn’t always bad; it’s how you respond that matters. It can push some people to try harder or, on the other hand, lead to resentment.” It’s about controlling how you react to your friend’s wealth, not letting it harm your relationship.
Does Wealthy Lifestyle Create Pressure?
There’s often pressure to keep up when you’re friends with someone who’s well-off. Social outings, gift-giving, or even birthday dinners can feel like competitions if you’re not on the same financial level. According to a study by CNBC in 2023, 38% of millennials admitted they’ve gone into debt trying to keep up with wealthier friends.
Maria, a 26-year-old in Spain, shares, “My rich friends make plans that I can’t always afford, and saying no feels like I’m letting them down.” For many, the struggle to balance friendship and finances is real. Financial counselor Joanna Stephens, from the UK, suggests setting clear boundaries with friends on what you can and can’t do to avoid falling into debt.
Do Rich Friends Help Us Dream Bigger?
One advantage of having wealthy friends is that they expose you to possibilities you may not have considered. Seeing someone achieve something can make it feel more attainable. “If you’re open to learning, wealthier friends can be mentors,” says Marcus, a life coach in the US.
It’s about learning from their journey, not just admiring the result. “My best friend is a high achiever, and that pushes me to set higher goals,” says Selina, a Gen Z graduate from Germany. This mindset of “if they can do it, so can I” has helped many break their own boundaries and aim for things they might not have dared to reach for.
When to Reevaluate the Friendship
Friendships should lift you up, not weigh you down. If your wealthy friends’ habits start to feel toxic—like they flaunt their wealth or make you feel small—it might be time to reassess. You deserve friends who respect your limits and understand your situation. In South America, Javier, a 35-year-old business professional, shares his view: “I had a friend who kept bragging about his lifestyle, but it started feeling like he looked down on others. Eventually, I distanced myself.”
Dr. Yuna Cho, a relationship psychologist from South Korea, says, “Not all wealthy friends are good for us, just as not all friends are. Wealth should not determine the quality of a friendship; respect should.”
Wealth Is Not Always the Problem—Mindset Is
It’s more about how we react to their wealth and how they make us feel. Some rich friends can be the best motivators, pushing us to be our best selves. Others may unknowingly or even intentionally create distance and competition.
Having a friend who’s wealthy can feel like walking a fine line. It can inspire ambition or lead to frustration, but ultimately, it’s about how we manage our expectations, emotions, and priorities. If a friendship makes you question your worth, it might not be worth keeping. But if it pushes you to reach for more, it might be the best friendship you have.
Abhishek Sareen is a marketing professional with over 16 years of experience. He has extensive experience in international business and currently an independent consultant for steel tube, consumer goods and retail industry.
He is a passionate cyclist and participated in several endurance competitive events like MTB Himalaya. His interests are in behavioral psychology, economics and chess. He is a graduate in Computer Science and an MBA in Marketing. He completed his executive education from IIM-A in 2016 focusing on business strategy.