Millionaires in Germany have personality profiles that differ significantly from the general population, according to a study by the Socio-Economic Panel (SOEP) at the German Institute for Economic Research and the University of Münster. The study, published in Humanities and Social Sciences Communications, found that millionaires are more emotionally stable, risk-taking, open, conscientious, and extroverted than the average person. The researchers used the SOEP, which includes over 1,100 surveys of millionaires with an average net worth of about four million euros, as the data source for the personality analysis. They also had access to personality profiles of more than 2,000 high net worth individuals added in 2019.
The study found that self-made millionaires had the most significant deviations in their personality profiles compared to the general population, while those who inherited their wealth had less pronounced differences. The researchers also noted that people who had worked their way up from humble beginnings but did not become millionaires still exhibited some of the typical traits of self-made millionaires. The results suggest that personality is a relevant factor in wealth accumulation, according to Johannes König, a scientific researcher at SOEP and the study’s lead author.
The study’s findings have significant societal relevance, as the wealthy have a significant influence on decision-making processes, and personality plays a crucial role in shaping their thinking and behavior. Mitja Back, a professor of psychological diagnostics and personality psychology at the University of Münster, emphasized the importance of the study’s results in understanding the personality of millionaires. The study provides robust data on the personality of millionaires, shedding light on the factors that contribute to wealth accumulation and the role of personality in shaping societal decision-making processes.
