The rich work less in Korea

One day a rich man was walking down a beach and met a fisherman sitting idle and getting some rest. “Why are you not working?” the rich man asked. “I have caught enough fish for today,” the fisherman replied. Conversation continued. “Time is precious, why don’t you go back and catch more fish?” the rich man said. “What would I gain from it?” the fisherman answered. “You can relax and enjoy your life like me,” the rich man said. “That is what I am doing now,” the fisherman said.

The fable highlights the value of labor and chasing happiness from it. However, the fable should reflect the changes of our time to invite us to see our lives more clearly. These days it seems that only the rich have the ultimate privilege to work less and have more spare time to fulfill their lives. According to KEB Hana Financial Group’s report entitled “2017 Korean Wealth Report,” released on Thursday, the rich work six hours on average on a weekday, quite less compared to the average-income people. Koreans are globally famous for working long hours, but the rich in Korea seem to be an exception in this trend.

The newly published report by KEB Hana Financial Group is based on a survey conducted among 1,028 affluent customers who have more than 1 billion won (870,700 dollars) in their financial assets. To sum up, the survey showed that their average monthly income amounts to 23.26 million won (20,250 dollars), and their monthly spending tops 9.7 million won (8,441 dollars). The rich work only six hours a day and thus have more spare time to spend with their family than the average-income family. For example, they spend 3.5 times more time with family on a weekday and twice more on weekend. The rich also love to engage in cultural activities or play golf during their spare time. In addition, they are willing to spend 740 million won (644,300 dollars) for their son’s marriage and 620 million won (539,800 dollars) for daughter’s marriage. The rich plan to inherit their wealth to their grandchildren. Their property value records 4.5 billion won (3,920,000 dollars) on average.

In his book “Secrets of the millionaire mind,” T. Harv Eker lists down 17 principles of building wealth, which differentiate the rich from the poor. He states that rich people admire other rich and successful people and poor people resent rich and successful people. In other words, poor people have a tendency toward delusional self-rationalization when they are actually becoming jealous of the rich. In psychology, the term “Hedonic adaptation” explains a tendency of people quickly returning to a stable level of happiness after instant satisfaction from an increased level of happiness from, for example, buying a new house or a new car. People always crave for more and it never stops. Money can promise instant satisfaction and pleasure but not happy life. Would this be a helpful advice to average people? No one knows.