Which personality traits increase your chances of becoming a millionaire?

The simplest answer to the question above: Personality traits do not matter if you make it into the group of so-called ‘inherited millionaires’!

But for all other people the recipe looks quite straight forward: The prototypical personality profile of the rich is marked by higher openness, extraversion and conscientiousness – ‘agreeableness’ does not play a statistically significant role (see ’Big 5 personality traits’ in a prior blog of mine). Most important is a 6th trait: ’Risk tolerance’ which is highly correlated with self-made wealth.

There is also a clear answer to the question as to whether these personality traits are the reason or the result of being rich: They are the reason! This becomes obvious when looking at inherited millionaires who are typically far less willing to take risks and more neurotic – stay healthy and confident … 🙂

(more in “The personality traits of self-made and inherited millionaires“ by M. Leckelt et al., Humanities & Social Sciences Communications, 2022)