'I became a millionaire overnight– no one prepares you for the crushing reality'

When entrepreneur Andrew Hulbert offloaded the firm he'd launched from his bedroom, he anticipated relief, exhilaration and liberation. What Andrew hadn't bargained for was guilt, unease and a sensation that the future had suddenly become overwhelming. The 39-year-old became a multimillionaire overnight in 2023 following the sale of Pareto Facilities Management to a private equity company, with tens of millions of pounds landing in his bank account almost immediately. "Of course I knew that the business was worth money, but it's only when someone pays you for it that it's worth anything. No one prepares you for the moment; even thinking about it now sends shivers through me," Andrew told The Times. Like numerous individuals who acquire substantial sums unexpectedly, Andrew discovered the reality of riches was vastly different from the dream. In the days following the transaction, he splashed out on a £100,000 bright yellow McLaren 570S without even taking it for a test drive. But the thrill rapidly disappeared, reports the Manchester Evening News. "Being six foot three, I discovered that my arse didn't fit in the bucket seats," he said. "For about six months, I drove it around, feeling like a total fraud." He subsequently sold the supercar at a loss of roughly £10,000. Specialists suggest Andrew's experience mirrors a mounting psychological phenomenon termed "sudden wealth syndrome", where individuals battle emotionally after receiving substantial financial windfalls through business disposals, inheritance, cryptocurrency profits or lottery jackpots. Jessica McGawley, founder of Dallington Associates, says the condition is far more widespread than most people realise. "People roll their eyes and get out their tiny violins when I describe it, but it's very real," she said. "There's an assumption that sudden wealth is the answer to everything, but I often see people completely out of their depth, spiralling into shame, straining their closest relationships, and falling into paralysis that looks like avoidance or reclusion from the outside." Andrew, who grew up on an estate near Oxford with a mother working at Sainsbury's and a father employed in a factory, says his working-class roots fuelled his ambition to succeed - but also left him anxious about managing extreme wealth responsibly. Having spent years sacrificing much of his personal life to build up his company, Andrew says the emotional weight that followed the sale took a serious toll on him. "I've always supported homeless charities and suddenly I could afford to buy 50 houses and solve a whole load of problems for people," he said. "I really struggled with all those different feelings, and the idea of the future was crushing." Conscious of how sudden windfalls had impacted other entrepreneurs around him, Andrew sought professional support before the deal was finalised, spending eight weeks working alongside a psychologist. "If I hadn't done that, I would have woken up aimless, listless, depressed, with no point any more," he said. Rather than splashing out on a lavish lifestyle following the sale of his company, Andrew hopped aboard the Caledonian Sleeper to Fort William before driving to the northernmost point of Skye. He then made it his priority to spend quality time with his wife and young children - something he openly admitted had taken a back seat while he was building his business. McGawley believes the situation is only going to get worse across Britain as enormous sums of money are handed down through inheritance. According to estate agency Savills, over-65s collectively own more than £2.5 trillion in property wealth, while many families remain reluctant to discuss inheritance plans openly. She said wealthy parents often prepare their finances carefully but fail to prepare their children emotionally. "Most successful families are very good at preparing the wealth for their children, but they're not so good at preparing their children for the wealth," she said. McGawley recalled one case where a child discovered they were due to inherit part of a huge family fortune only after reading about it in the media. "It can wreak havoc on peer and friend circles, which are vital to identity," she said. Andrew is already giving serious thought to how he can help his own children navigate the pressures of inherited wealth further down the line. "They will get a cheque for several million or whatever one day, and that's going to be a whole headtrip in itself," he said.