David Richter, Survey Manager SOEP-IS, Free University Berlin, will give a presentation in this week’s Social, Economic, and Decision Psychology research seminar (Thursday 7 April, 12:00-13:00). The presentation will also be available via Zoom.

The personality of inherited and self-made millionaires

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 underlie their economic success.

Supporting literature: Leckelt, M., König, J., Richter, D., Back, M. D., & Schröder, C. (2022). The personality traits of self-made and inherited millionaires. Humanities and Social Sciences Communications, 9, 94. https://doi.org/10.1057/s41599-022-01099-3