Symptoms of the malady, also called Sudden Wealth Syndrome, include boredom, loneliness, and no motivation. Victims have turned to drink, drugs and even suicide.
Psychologist Dr Ronit Lami, based in London's Mayfair, blames TV and advertising for fuelling the desire for more belongings.
She said: "Society assume that money buys happiness. But people aren't prepared to handle it." She tells victims to "balance" their lives.
News of the condition comes after a string of Lotto winners have complained of the misery brought on by hitting the jackpot.