The rich are different: Unraveling the perceived and self-reported personality profiles of high net-worth individuals

Abstract

Beyond money and possessions, how are the rich different from the general population? Drawing on a unique sample of high net-worth individuals from Germany (≥1 million Euro in financial assets; N = 130), nationally representative data (N = 22,981), and an additional online panel (N = 690), we provide the first direct investigation of the stereotypically-perceived and self-reported personality profiles of high net-worth individuals. Investigating the broad personality traits of the Big Five and the more specific traits of narcissism and locus of control, we find that stereotypes about wealthy people’s personality are accurate albeit somewhat exaggerated and that wealthy people can be characterized as stable, flexible, and agentic individuals who are focused more on themselves than on others.