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
Tags
wealth
personality traits
self-made millionaires
inherited millionaires
risk tolerance
Germany
economic success
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