America’s Business Elite: Wealthy, Successful and Miserable

 

The upper echelon is hoarding money and privilege to a degree
not seen in decades. But that doesn’t make them happy at work.

By Charles Duhigg and cross-posted from New York Times

MY FIRST, CHARMED week as a student at Harvard Business School, late in the summer of 2001, felt like a halcyon time for capitalism. AOL Time Warner, Yahoo and Napster were benevolently connecting the world. Enron and WorldCom were bringing innovation to hidebound industries. President George W. Bush — an H.B.S. graduate himself — had promised to deliver progress and prosperity with businesslike efficiency.

The next few years would prove how little we (and Washington and much of corporate America) really understood about the economy and the world. But at the time, for the 895 first-years preparing ourselves for business moguldom, what really excited us was our good luck. A Harvard M.B.A. seemed like a winning lottery ticket, a gilded highway to world-changing influence, fantastic wealth and — if those self-satisfied portraits that lined the hallways were any indication — a lifetime of deeply meaningful work.

So it came as a bit of a shock, when I attended my 15th reunion last summer, to learn how many of my former classmates weren’t overjoyed by their professional lives — in fact, they were miserable. I heard about one fellow alum who had run a large hedge fund until being sued by investors (who also happened to be the fund manager’s relatives). Another person had risen to a senior role inside one of the nation’s most prestigious companies before being savagely pushed out by corporate politics. Another had learned in the maternity ward that her firm was being stolen by a conniving partner

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