By | Jade Scipioni | www.cnbc.com
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.