It was found that super-rich individuals legitimise their wealth acquisition and spending by presenting themselves as psychologically superior to the less affluent and as a result, deserving of their extreme wealth. By drawing upon meritocratic ideology, individuals managed their moral identity as their wealth and consumption is warranted as earned
That’s how human psychology works.
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And in our society, wealth is what matters the most. This in contrast with older (smaller) societies where status is derived from generousity.