There is an ongoing debate about how many hours the wealthy and successful work compared to the average person. Some believe that the rich work longer hours and never stop hustling, while others argue that they work less because they have more flexibility and freedom. Here we will examine the research and data on working hours for high earners to shed some light on this contentious topic.
Do the rich work more hours?
There are some studies and surveys that suggest the wealthy work more than the average person. According to data from the U.S. Bureau of Labor Statistics, people in the top 10% income bracket work on average 47 hours per week or more. The average for all workers is around 39 hours. Other polls of high net worth individuals found:
- Millionaires report working over 55 hours per week on average.
- 45% of those with a net worth over $5 million work over 60 hours per week.
- 21% of millionaires say they work over 80 hours per week.
Proponents of the view that the rich work longer hours argue that it takes immense effort and time commitment to start and grow businesses or climb to the top of organizations. Working longer hours often comes with greater seniority and responsibility. The wealthy also tend to be very ambitious and driven, which lends itself to working for long days.
Do the rich actually work less?
On the flip side, there is also compelling evidence showing that those at the top incomes work fewer hours than the average population. A study by economists at the University of Michigan found:
- Men in the top 1% income bracket work only 35 hours per week on average.
- Women in the top 1% income work only 25 hours per week on average.
That’s much lower than the 47 hour average for the top 10% as a whole. Other data on C-suite corporate executives shows:
- CEOs work approximately 62 hours per week on average.
- 20% of male CEOs and 13% of female CEOs work over 80 hours per week.
However, when you isolate the working hours for billionaires, the totals are often much lower:
| Billionaire | Estimated Work Hours Per Week |
|---|---|
| Mark Zuckerberg | 40-50 hours |
| Richard Branson | 35-45 hours |
| Elon Musk | 80-90 hours |
| Bill Gates | 40-50 hours |
As you can see, some billionaires like Elon Musk are workaholics, logging 80+ hour weeks. But others like Richard Branson and Bill Gates put in days that are fairly ordinary.
Why do the rich sometimes work less?
There are a few key reasons why the wealthiest people often work fewer hours than the average population:
- Focus on high-impact tasks – The rich focus their time on high leverage activities like meeting with important contacts, reviewing financial statements, and finalizing deals. They delegate lower value clerical and operational work.
- Ability to take time off – Wealth allows flexibility in schedules. Billionaires can take weeks or months off for vacations, rest, or personal projects.
- Semi-retirement – Many billionaires start easing their schedules in their 50s and 60s, but remain active in their businesses in advisory and board roles.
- Passive income – The wealthiest earn a large share of income passively from investments and business profits. This enables them to work less.
Work hours conclusions
Overall the answer seems to be that the rich have far more variability in how many hours they work. Ambitious workaholics at the top of organizations may log very long hours. But billionaires and others with tremendous wealth have much more flexibility and ability to work less. While they may put in the occasional 80 hour week during crunch times, the ultra wealthy can often set their own schedules.
This contrasts with lower and middle income workers who must routinely put in 40+ hours to earn a living and have much less flexibility.
So in a sense, both views are right. There are certainly rich people who hustle day and night. But the peak of the income pyramid also enjoys the privilege of not needing to work standard full-time schedules.
The tables turned
An interesting question is what would happen if the tables were turned and the average worker had the flexibility of a billionaire. And similarly, if the billionaire was forced to work a demanding 50 hour a week job. Some possibilities:
- The average worker would likely work less. With basic needs met, they would spend more time with family, on hobbies, and reducing stress.
- The billionaire may experience anxiety and depression from reduced freedom and lack of purpose.
- Both would face the challenge of managing time without assistants and household staff.
Implications for society
This contrast between working hours for the rich and average workers has some implications for society:
- Policies around workweek length, vacation time, and early retirement may affect the two groups very differently.
- Taxes on the wealthy are sometimes justified by the view that billionaires do not work substantially more than the average person.
- Work obligations can be a source of meaning. But compulsory overwork breeds resentment. Productivity begins declining sharply after 50-60 hours.
The future of work
Going forward, automation and AI will likely reshape work schedules and change concepts of the standard workweek for both rich and poor. Lower income jobs in particular may be automated leading to:
- A permanent unemployed underclass dependent on subsidies.
- New white collar jobs managing and working with AI systems.
- The need for education on skills that remain uniquely human.
But these are complex economics and policy issues with no easy answers. Flexible and creative thinking will be required to adapt to the future of work.