And that’s good news for our planet!

A billion in the bank with which you can buy everything your heart desires: isn’t that what everyone secretly dreams of? This long-held economic belief that greedy humans have unlimited desires has shaped much of modern society—including advertising and consumerism. But to what extent is that image correct? Is amassing as much wealth as possible really anchored in our human nature?

The planet

A fundamental economic principle is that everyone has ‘unlimited desires’ and strives for as much wealth as possible. But belief in this principle has also had serious consequences for the health of our planet. The pursuit of continuously increasing individual wealth and the pursuit of unending economic growth has come at a high cost. As prosperity has increased, so has the use of terrestrial resources and pollution.

Who wants to be a billionaire?

In a new study researchers wondered whether the economic principle outlined above was actually correct: do most people indeed have unlimited needs and would prefer a billion in the bank? To answer that question, they surveyed nearly 8,000 people from 33 countries — including Saudi Arabia, Uganda, Tunisia, Nicaragua and Vietnam — across six continents. The researchers asked these people when they reached their ideal wealth; with how much money did they think they could lead an ideal life?

10 million is enough

The findings are surprising. Because apparently only a few are waiting for a billion. Although there were people in every country who had unlimited needs, they were always in the minority. In 86 percent of countries, most people were satisfied with $10 million or less. And in some countries, a million dollars was enough.

Modest amount

While this may still sound like a lot, it’s a relatively modest amount when you consider that this represents a person’s ideal wealth. In other words, the richest person on Earth has a bank account with $200 billion in it; enough for more than 200,000 people to live their ‘ideal life’.

Unlimited wishes

The researchers also found that those with unlimited desires tended to be young people and city dwellers; people who often place more value on success, power and independence. People who dream of being billionaires were also more common in countries with a greater acceptance of inequality and in more collectivist countries. Indonesia, for example, a country seen as more collectivist and accepting of inequality, had the most inhabitants with unlimited desires, while the more individualistic and equality-oriented United Kingdom had fewer. China is the exception to the rule. Most Chinese do not need a billion in the bank, despite a high cultural collectivism and acceptance of inequality.

Incorrect

The findings from the study underscore that the theory that everyone strives for as much wealth as possible is incorrect. And that while a large part of economic thinking and government policy is well aware of this. “The results are a stark reminder that majority opinion is not reflected in policies that allow for the accumulation of excessive amounts of wealth by a small number of individuals,” said researcher Renata Bongiorno. That is not the only thing, by the way. “The ideology that everyone has unlimited desires and that this is ingrained in human nature can put social pressure on people to buy more than they actually want,” added study leader Paul Bain.

Good news

The findings are good news for the planet. “We’ve found that most people’s ideal lives are actually quite moderate,” Bain says. “This could make it easier for people socially to live in a way that is more in line with what really makes them happy. This means they may also support policies aimed at protecting our planet.”

According to Bongiorno, the chance is there. “If most people strive for limited wealth, policies that support people’s more limited desires—think a wealth tax to fund sustainability initiatives—could be more popular than often portrayed,” she concludes.