The personality of inherited and self-made millionaires

David Richter, Survey Manager SOEP-IS, Free University Berlin

Abstract:
The wealthiest individuals influence political and societal processes by wielding their economic power through foundations, lobbying groups, and media campaigns and as investors and employers. Because personality shapes goals, attitudes, and behaviors, it is important to understand the personality of the rich. We used two large random samples from the general population and individuals holding at least €1 million individual net wealth to analyze how and why the rich have a different personality. Being rich was associated with higher risk-taking, emotional stability, openness, extraversion, and conscientiousness. This personality profile was driven by those who accumulated wealth through their own efforts (self-mades) and not by those who were born rich (inheritors). Hence, self-made millionaires exhibit a unique personality trait constellation that underlies their economic success.

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