According to a study by researchers from the Socio-Economic Panel (SOEP) at the German Institute for Economic Research (DIW Berlin) and the University of Münster, millionaires are more risk-tolerant, emotionally stable, open, extroverted, and conscientious than the general population. The study is published in the journal Humanities and Social Sciences Communications .

The data used for the analysis of personality traits come from the SOEP, a representative random sample of the German population. In 2019, a subsample of more than 2,000 high-wealth individuals was added to the SOEP. The SOEP now surveys more than 1,100 millionaires whose net worth averages around 4 million euros. “This means that the very wealthy are now overrepresented in the SOEP, making it possible to analyze this very small population in a meaningful way,” explains SOEP researcher Carsten Schröder, who initiated the top-wealth subsample.

The results show that the typical millionaire personality profile is especially pronounced among self-made millionaires, who see themselves as having made their money on their own rather than through inheritance. The profile is less pronounced among millionaires who attribute their wealth primarily to inheritance.

Release date: 04 April 2022
Source: University of Münster