Economics

The personality traits of self-made and inherited millionaires

M. Leckelt, J. König, et al.

This study conducted by Marius Leckelt, Johannes König, David Richter, Mitja D. Back, and Carsten Schröder explores the intriguing personality traits that set wealthy individuals apart in Germany, highlighting differences between self-made and inherited millionaires. Discover how traits like risk tolerance and openness influence economic success!

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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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