The personality traits of self-made and inherited millionaires

Index

Abstract

This study investigates the personality traits of wealthy individuals in Germany, differentiating between self-made and inherited millionaires. Using a large representative sample from the German Socio-Economic Panel (SOEP), the study finds that high wealth is associated with higher risk tolerance, emotional stability, openness, extraversion, and conscientiousness. This "rich" personality profile was more pronounced among self-made millionaires than inherited ones, suggesting that specific personality traits contribute to economic success.

Publisher

HUMANITIES AND SOCIAL SCIENCES COMMUNICATIONS

Published On

Apr 01, 2022

Authors

Marius Leckelt, Johannes König, David Richter, Mitja D. Back, Carsten Schröder

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