Affluent Savvy
Affluent Savvy
Photo: Robert So
A new study from the Socio-Economic Panel (SOEP) at the German Institute for Economic Research and the University of Munster found that millionaires, especially self-made ones, tend to be more risk-tolerant, emotionally stable, open, extroverted and conscientious than everyone else.
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Learn More »Want to become a millionaire? Turns out, your personality might help — or hurt — your chances. A new study from the Socio-Economic Panel (SOEP) at the German Institute for Economic Research and the University of Munster found that millionaires, especially self-made ones, tend to be more risk-tolerant, emotionally stable, open, extroverted and conscientious than everyone else. "This is the first study to describe the personality of millionaires using robust data," Mitja Back, a University of Munster psychology professor who co-authored the study, said in a university statement. "Since the rich wield particular influence over societal decision-making processes, and since personality has a determining influence on the way people think and behave, the investigation of millionaires' personality traits is of great social relevance." Researchers studied data from validated personality tests of more than 20,000 sampled individuals in the SOEP, an ongoing household-based study of thousands of people in Germany that began in 1984. Of the personality tests researchers studied, more than 1,000 were from millionaires. The tests measured what the study's authors referred to as the "Big Five" personality traits: neuroticism, extraversion, openness to experience, agreeableness and conscientiousness. Researchers say traits like risk tolerance, emotional stability and extraversion were especially evident among self-made millionaires, and "less pronounced" in people who inherited their fortunes. The higher the wealth, the more pronounced those personality traits were, the study said. Even among non-millionaires, people who saw themselves as self-made — or, in other words, having made their money on their own, without significant help from others — shared many of the same personality traits. "Taken together, the results suggest that personality is a relevant factor in wealth accumulation," Johannes König, a research associate at SOEP and another study co-author, said in the same university statement. The study was published last week in the journal Humanities and Social Sciences Communications. Researchers defined "millionaire" as someone with an individual net worth of at least 1 million euros, which equates to $1,092,450, as of Thursday morning. Nearly 22 million people in the U.S. fit that description, according to a 2021 study by Credit Suisse — although the study's authors warned that German millionaires may differ in personality from millionaires in other "high-wealth countries," including the United States. The U.S. has "more unequal" wealth distribution than Germany and "is generally considered to be more individualistic than other countries," the study noted.
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Learn More »Sports, boating, and travel are also popular pastimes among the richest people in the world, according to Wealth-X. The hobbies of the richest billionaires are different from billionaires with net worths under $5 billion; billionaires worth $5 billion are more active in philanthropy, art, and aviation.
Top editors give you the stories you want — delivered right to your inbox each weekday. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy When rich people have free time, they have the means for extravagant hobbies, whether it's collecting classic cars or jet-setting across the globe. But the most common hobby they pursue isn't a gaudy display of wealth — it's philanthropy. In a report from Wealth-X, a market research firm that focuses on ultra-high net worth individuals, we get a peek at the top passions, interests, and hobbies of people with a net worth of $1 billion or more. Philanthropy proved the most popular hobby, with more than half of the world's wealthiest people pursuing charitable activities. This generosity comes as no surprise, though, thanks to the rise in recognition of endeavors such as The Giving Pledge, a promise started by Bill Gates and Warren Buffett to commit more than half of their wealth to philanthropic causes during their lifetime. Read more: Lionel Messi is the highest-paid athlete in the world. Here's what we know about how the famously private soccer player makes and spends his millions. The second-most popular interest among this group is watching, playing, and investing in sports, including tennis, soccer, skiing, American football, and most of all, golf, according to Wealth-X. From art and fashion to hunting and fishing, read on to see the 10 most common hobbies and passions of the wealthiest of the wealthy, ranked in order of popularity.
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