Are rich people happier?
According to Shark Tank star Kevin O'Leary, absolutely.
The business maven known as Mr. Wonderful, lover of money, was responding to a comment made earlier this week by Warren Buffett, who said doubling one's wealth does not bring happiness.
Buffett, worth an estimated $87.8 billion, said he actually missed the days he had less.
"I wasn't unhappy when I had $10,000 when I got out of school," Buffett said during an interview with CNBC. "I was having a lot of fun." He explained that multiplying one's wealth does not bring happiness, noting that someone who makes $100,000 and is unhappy, will not find happiness with $1 million either.
Even if you earned that million dollars, your happiness will disappear when you "look around" and "see people with $2 million," the Berkshire Hathaway (BRK.B) (BRK.A) CEO said. "You will not be way happier if you double your net worth."
But O'Leary disagrees.
"I think it's noble to say that, but I have been rich and I have been poor, and I can faithfully say that after a lot of due diligence on this topic that rich is better," O'Leary, chairman of O'Shares ETFs said in an interview.
According to Wikipedia, the Canadian-born O'Leary has an estimated net worth of $400 million. O'Leary rose to prominence in the business world after his software company sold to toy-maker Mattel (MAT) for $3.65 Billion in 1999. He is best known for his no-nonsense, and often blunt, criticism of aspiring entrepreneurs on ABC's Shark Tank.
This interview brought to you buy Kitco News. O'Leary also shared some thoughts on investing. Watch below.