A study reveals that many millionaires possess these 5 personality traits, which are crucial in amassing wealth.

Becoming a millionaire may depend on your personality traits.

A recent study by the Socio-Economic Panel (SOEP) at the German Institute for Economic Research and the University of Munster revealed that self-made millionaires are more likely to possess traits such as risk tolerance, emotional stability, openness, extroversion, and conscientiousness compared to the general population.

A study by Mitja Back, a psychology professor at the University of Munster, is the first to examine the personality traits of millionaires using reliable data. Since millionaires have a significant impact on societal decision-making processes and personality influences how people think and behave, this investigation is socially relevant.

Over 1,000 millionaires' personality test data was studied by researchers using validated tests from more than 20,000 sampled individuals in the SOEP, a long-running study of thousands of people in Germany that started in 1984.

The "Big Five" personality traits, including neuroticism, extraversion, openness to experience, agreeableness, and conscientiousness, were measured by the tests conducted by the study's authors. Researchers found that self-made millionaires exhibited traits such as risk tolerance, emotional stability, and extraversion, while these traits were less pronounced in individuals who inherited their wealth.

The study found that the more wealthy a person is, the more pronounced their personality traits are. Even among non-millionaires, those who perceived themselves as self-made shared many of the same traits.

"Personality plays a role in wealth accumulation, according to research by Johannes König, a research associate at SOEP and his co-authors," the university statement said.

Last week, a study was published in the journal Humanities and Social Sciences Communications, in which researchers defined a "millionaire" as someone with an individual net worth of at least 1 million euros, which is equivalent to $1,092,450 as of Thursday morning.

A 2021 study by Credit Suisse found that nearly 22 million people in the U.S. are millionaires, although the study's authors cautioned that German millionaires may differ in personality from millionaires in other "high-wealth countries," including the United States.

The study found that the U.S. has a "more unequal" wealth distribution compared to Germany and is generally considered to be "more individualistic" than other countries.

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