Silicon Valley’s so-called “sudden wealth syndrome” has moved to China, where a new wealthy class is afflicted with the same psychological m...

Silicon Valley’s so-called “sudden wealth syndrome” has moved to China, where a new wealthy class is afflicted with the same psychological malaise that struck the rich during the dot-com boom in California.

In addition to “sudden wealth syndrome,” another psychological crisis called the “elite syndrome” is affecting the wealthy in China. Economic gains have brought a slew of psychological effects seen in other developed countries.

According to a report in the Chinese Chua-Shin Newspaper, China’s coastal cities have seen rapid economic growth. Many of the new wealthy class can now have high-paying jobs and own homes and luxury cars. They can go to chic bars, drink premium liquors and enjoy the glitter of their new lives.

But the Chinese don’t seem to be happier when they have more money. To the contrary, problems such as depression and anxiety have followed the newly wealthy, who are characterized by the media and the general population as an elite class.

Psychologists define sudden wealth syndrome as feelings of guilt and stress that come from sudden success. People who suffer from sudden wealthy syndrome may feel paralyzed from making decisions about how to spend their money. They can also feel alienated from their peers.

Clearly, sudden wealth syndrome in China needs to be put into some perspective: Using money to pursue happiness is still a luxury to the Chinese. With some urban Chinese still earning only $112 a month, many do not have the time to think about whether they are happy or not.