Researchers publish study on the personality of the rich compared to the general population —

In line with a research by researchers from the Socio-Financial Panel (SOEP) on the German Institute for Financial Analysis (DIW Berlin) and the College of Münster, millionaires are extra risk-tolerant, emotionally secure, open, extroverted, and conscientious than the final inhabitants. The research is revealed within the journal Humanities and Social Sciences Communications.

The info used for the evaluation of persona traits come from the SOEP, a consultant random pattern of the German inhabitants. In 2019, a subsample of greater than 2,000 high-wealth people was added to the SOEP. The SOEP now surveys greater than 1,100 millionaires whose internet value averages round 4 million euros. “Which means the very rich are actually overrepresented within the SOEP, making it doable to research this very small inhabitants in a significant method,” explains SOEP researcher Carsten Schröder, who initiated the top-wealth subsample.

The outcomes present that the standard millionaire persona profile is very pronounced amongst self-made millionaires, who see themselves as having made their cash on their very own fairly than by way of inheritance. The profile is much less pronounced amongst millionaires who attribute their wealth primarily to inheritance.

Inside the pattern of millionaires, these whose persona traits correspond most carefully to the standard profile have the best wealth. In the remainder of the inhabitants, a weaker type of this persona profile will be present in people who’ve labored their method up by way of their very own efforts: Though they don’t seem to be millionaires but, they see themselves as having earned their cash on their very own and, subsequently, as self-made. Johannes König, analysis affiliate at SOEP and lead writer of the research, explains, “Taken collectively, the outcomes recommend that persona is a related consider wealth accumulation.”

Coauthor Mitja Again, Professor of Psychological Diagnostics and Persona Psychology on the College of Münster, provides: “That is the primary research to explain the persona of millionaires utilizing strong information. Because the wealthy wield explicit affect over societal decision-making processes, and since persona has a figuring out affect on the best way folks assume and behave, the investigation of millionaires’ persona traits is of nice social relevance.”

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