Millionaires more risk-tolerant and emotionally stable
Researchers publish study on the personality of the rich compared to the general population
Date:
April 4, 2022
Source:
University of Mu"nster
Summary:
Millionaires are more risk-tolerant, emotionally stable, open,
extroverted, and conscientious than the general population,
according to new research.
FULL STORY ========================================================================== According to a study by researchers from the Socio-Economic Panel
(SOEP) at the German Institute for Economic Research (DIW Berlin)
and the University of Mu"nster, millionaires are more risk-tolerant, emotionally stable, open, extroverted, and conscientious than the general population. The study is published in the journal Humanities and Social Sciences Communications.
==========================================================================
The data used for the analysis of personality traits come from the
SOEP, a representative random sample of the German population. In 2019,
a subsample of more than 2,000 high-wealth individuals was added to the
SOEP. The SOEP now surveys more than 1,100 millionaires whose net worth averages around 4 million euros. "This means that the very wealthy are
now overrepresented in the SOEP, making it possible to analyze this very
small population in a meaningful way," explains SOEP researcher Carsten Schro"der, who initiated the top-wealth subsample.
The results show that the typical millionaire personality profile is
especially pronounced among self-made millionaires, who see themselves as having made their money on their own rather than through inheritance. The profile is less pronounced among millionaires who attribute their wealth primarily to inheritance.
Within the sample of millionaires, those whose personality traits
correspond most closely to the typical profile have the highest wealth. In
the rest of the population, a weaker form of this personality profile
can be found in individuals who have worked their way up through
their own efforts: Although they are not millionaires yet, they see
themselves as having earned their money on their own and, therefore, as self-made. Johannes Ko"nig, research associate at SOEP and lead author of
the study, explains, "Taken together, the results suggest that personality
is a relevant factor in wealth accumulation." Coauthor Mitja Back,
Professor of Psychological Diagnostics and Personality Psychology at
the University of Mu"nster, adds: "This is the first study to describe
the personality of millionaires using robust data. Since the rich wield particular influence over societal decision-making processes, and since personality has a determining influence on the way people think and
behave, the investigation of millionaires' personality traits is of
great social relevance."
========================================================================== Story Source: Materials provided by University_of_Mu"nster. Note:
Content may be edited for style and length.
========================================================================== Journal Reference:
1. Marius Leckelt, Johannes Ko"nig, David Richter, Mitja D. Back,
Carsten
Schro"der. The personality traits of self-made and inherited
millionaires. Humanities and Social Sciences Communications, 2022;
9 (1) DOI: 10.1057/s41599-022-01099-3 ==========================================================================
Link to news story:
https://www.sciencedaily.com/releases/2022/04/220404152708.htm
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