But relatable or not, the rich and powerful have been under the microscope for years, studied to better understand the psychology and mentality behind how they built their towering empires.<\/p>\n
So what makes a billionaire? Is it a ruthless mentality? Or is it as simple as crawling out of bed at 4am each day? We spoke to leading experts in the psychology of wealth to examine the inner workings of the ultra-rich.<\/p>\n
The personality traits of the super-rich<\/strong><\/h2>\n ![\""An\"]( "\\"\"Aerial\\"\/")
<\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/picture><\/div>\nOther than their financial means, there is one factor that the richest people in the world seemingly share: personality traits.<\/p>\n
\u201cThese people are good at controlling their emotions, both positive and negative ones, and they tend to be less emotionally reactive to the world around them at high levels,\u201d Dr Steve Loughman<\/a>, a social psychologist at the University of Edinburgh, tells BBC Science Focus<\/em>.<\/p>\n\u201cThis can come off as cold, but they don\u2019t tend to react in the way most people would. They also tend to be extroverted, outgoing and open to new experiences.<\/p>\n
\u201cThis defies a popular stereotype of the reclusive, introverted millionaire that is often portrayed.\u201d<\/p>\n
These shared traits \u2013 emotional control and extroversion\u00a0\u2013 have been studied for years but most noticeably in a study last year from the Socio-Economic Panel<\/a> (SOEP). The researchers studied data from validated personality tests of over 20,000 individuals. Of this group, over 1,000 of them were at least millionaires.<\/p>\nThe higher the wealth, the more pronounced these personality traits were \u2013 even amongst non-millionaires with sizeable fortunes.<\/p>\n
However, it isn\u2019t just emotional control and extroversion that links billionaires.<\/p>\n
\u201cThey\u2019re rarely traditionalists or conformists. They push for innovation \u2013 think Elon Musk or Jeff Bezos. This comes paired with a high level of conscientiousness,\u201d says Loughman.<\/p>\n
\u201cFinally, they tend to be low in agreeableness. This doesn\u2019t necessarily mean they\u2019re necessarily rude. Instead, it just means that they\u2019re comfortable with conflict. They can challenge other people without the need to be liked.\u201d<\/p>\n
Read more:<\/strong><\/p>\n- The case for cash: Why we still need paper money<\/a><\/li>\n
- Money can\u2019t buy happiness, a neuroscientist explains why<\/a><\/li>\n<\/ul>
The struggle of inheritance<\/strong><\/h2>\n ![\""Businessman\"]( "\\"\"Businessman\\"\/")
<\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/picture><\/div>\nSelf-made millionaires might all share similar characteristics, but what about those who inherited<\/em> their wealth? Much like the Roys in Succession<\/em>, personality traits can run in the family.<\/p>\n\u201cPersonality is partially heritable, so there are genetic components to these traits we\u2019re talking about,\u201d says Loughman.<\/p>\n
However, inheriting wealth isn\u2019t all a walk in the park. While you might suddenly have all of the money in the world, it also has psychological effects that often come with it.<\/p>\n
\u201cThere\u2019s a disorder known as sudden wealth syndrome,\u201d says Loughman. \u201cThe weight of expectation that comes with acquiring large amounts of wealth can change people\u2019s psychologies in ways that aren\u2019t particularly desirable.\u201d<\/p>\n
This doesn\u2019t just occur in people who inherit their financial standing, but also in those who win large amounts of money in the lottery or the few who gained off a lucky bet during the rise of cryptocurrencies<\/a>.<\/p>\nThe term applies to the sudden gain of wealth, and while it hasn\u2019t been denoted an official psychological diagnosis, it is reported in a number of more unique cases, less often for those inheriting huge family fortunes.<\/p>\n
For a period of time, the term \u2018affluenza\u2019 gained popularity. Combining the words \u2018affluent\u2019 and \u2018influenza\u2019, it described the condition of growing up so rich, that the sense of right and wrong becomes lost, combined with a lack of motivation, guilt and isolation.<\/p>\n
However, it will come as no surprise that there is virtually no real research into the term and it doesn\u2019t appear in any psychiatric manuals.<\/p>\n
But while the term isn\u2019t going to be making its way into any diagnostic manuals any time soon, there is still some truth to the idea.<\/p>\n
\u201cSome people with money think the rules don\u2019t apply to them because quite frankly, a lot of times they don\u2019t. I\u2019ve got clients that fly internationally and don\u2019t go through passport control, they go through private jet routes instead,\u201d says Clay Cockrell<\/a>, a therapist whose clients are ultra-rich.<\/p>\nWhile this isn\u2019t a universal mindset of the ultra-rich, it is often seen in those who grew up wealthy, inheriting money in the process. As Cockrell points out, many who didn\u2019t work for their money can lose ambition, and ultimately don\u2019t feel the need to work towards a goal.<\/p>\n
The happiest people on Earth<\/strong><\/h2>\n ![\""Graph\"]( "\\"\"economic\\"")
<\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/picture><\/div>\nOnce wealth is gained, whether through family or an individual\u2019s own work, a whole range of barriers are removed. But if you remove the stress of money, does it rewire your brain and, like many people believe, will this bring you happiness?<\/p>\n
An often-quoted study reports a cut-off for happiness and money. Pass $75,000 (\u00a360,400) a year and there is no major increase in happiness<\/a> according to a study by Nobel Prize winner Angus Deaton.<\/p>\nHowever, research since then has suggested otherwise. \u201cJustin Wolfers, who\u2019s an economist argued that it\u2019s simply a long linear relationship<\/a>. An extra \u00a310 an hour is a lot if you earn \u00a35 an hour, but not so much if you\u2019re making north of \u00a3100 an hour,\u201d says Loughman.<\/p>\n\u201cIf you take that into account, instead of thinking of salary increases in terms of \u00a310,000, you think about it as a 10 per cent increase, then it is simply linear. This means that billionaires just need a much larger number to see a boost in happiness.<\/p>\n
Cockrell adds: \u201cThere is a feeling of never having enough, even with billionaires. Where is the cut-off? And for many, it comes with feelings of guilt, isolation and a loss of self-worth. You get caught up in a bubble of the 1 per cent, complete with a new set of problems.<\/p>\n
\u201cThe clients I speak to often feel guilty when they\u2019re not happy. If you have all of this money, happiness should be a given, right? But money doesn\u2019t solve all of your problems, it just makes some things easier.\u201d<\/p>\n
How money can warp your morality<\/strong><\/h2>\nHappy or not with your wealth, money has the potential to make or break someone\u2019s moral compass. With lots of money under your belt, you can become a big donor, or keep it to yourself. So, are the rich moral? Usurpingly, we\u2019re not sure.<\/p>\n
\u201cResearch is murky when it comes to wealth and morality. A lot of research points to the super-rich being generous in terms of charitable giving,\u201d says Loughman.<\/p>\n
However, there is also plenty of research that shows the opposite. Researchers like Michael Krauss argue there has been a collapse in empathy among people with large financial backgrounds<\/a>.<\/p>\nHis studies indicate that the richer population have difficulty understanding the emotions of others, and struggle to feel empathy towards groups outside their circles.<\/p>\n
But maybe it\u2019s not money that changes the morality of the ultra-rich. Maybe it\u2019s power. After all, where there is money, there is usually power, and how people use this power says a lot about their morality.<\/p>\n
\u201cThe basic argument is that power enables.<\/em> We all have personalities and dispositions, but without power, you have to conform to the ways of life and society. Yet with power, the challenges you face in life are not about survival. Instead, it is more about what kind of person you want<\/em> to be,\u201d says Loughman.<\/p>\n\u201cWith their basic needs taken care of, people\u2019s personalities can become powerful drivers of their behaviour. This is something that is hard to explore without money.\u201d<\/p>\n
Along with the sudden ability to buy whatever you want, huge amounts of money give people the chance to sit back and ask what they want to do with their lives. Some keep working, some build massive companies, some develop a life of luxury.<\/p>\n
And some join up with their brother and sister to take over the WayStar empire.<\/p>\n
Read more:<\/strong><\/p>\n- This is how much money you need to be happy, according to science<\/a><\/li>\n
- Best cheap smart TVs to save money in 2023<\/a><\/li>\n
- Want to make money? Become a mathematician. Seriously.<\/a><\/li>\n<\/ul> <\/body><\/html>\n
","protected":false},"excerpt":{"rendered":" Billionaires live vastly different lives to most people, but are they happy? What personality traits make a billionaire? And are they lacking morals? We spoke to leading psychologists to find out. <\/p>\n","protected":false},"author":24,"featured_media":27859,"template":"","categories":[1],"acf":{"readingTimeMinutes":"7"},"uagb_featured_image_src":{"full":["https:\/\/c01.purpledshub.com\/uploads\/sites\/42\/2023\/05\/how-to-think-like-a-billionaire-the-personality-traits-and-morality-of-the-ultra-rich.jpg",1200,521,false],"thumbnail":["https:\/\/c01.purpledshub.com\/uploads\/sites\/42\/2023\/05\/how-to-think-like-a-billionaire-the-personality-traits-and-morality-of-the-ultra-rich-150x150.jpg",150,150,true],"medium":["https:\/\/c01.purpledshub.com\/uploads\/sites\/42\/2023\/05\/how-to-think-like-a-billionaire-the-personality-traits-and-morality-of-the-ultra-rich-300x130.jpg",300,130,true],"medium_large":["https:\/\/c01.purpledshub.com\/uploads\/sites\/42\/2023\/05\/how-to-think-like-a-billionaire-the-personality-traits-and-morality-of-the-ultra-rich-768x333.jpg",768,333,true],"large":["https:\/\/c01.purpledshub.com\/uploads\/sites\/42\/2023\/05\/how-to-think-like-a-billionaire-the-personality-traits-and-morality-of-the-ultra-rich-1024x445.jpg",800,348,true],"1536x1536":["https:\/\/c01.purpledshub.com\/uploads\/sites\/42\/2023\/05\/how-to-think-like-a-billionaire-the-personality-traits-and-morality-of-the-ultra-rich.jpg",1200,521,false],"2048x2048":["https:\/\/c01.purpledshub.com\/uploads\/sites\/42\/2023\/05\/how-to-think-like-a-billionaire-the-personality-traits-and-morality-of-the-ultra-rich.jpg",1200,521,false]},"uagb_author_info":{"display_name":"importmanagerhub@sprylab.com","author_link":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/author\/importmanagerhubsprylab-com\/"},"uagb_comment_info":0,"uagb_excerpt":"Billionaires live vastly different lives to most people, but are they happy? What personality traits make a billionaire? And are they lacking morals? We spoke to leading psychologists to find out.","_links":{"self":[{"href":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/wp-json\/wp\/v2\/rss_feed\/27858"}],"collection":[{"href":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/wp-json\/wp\/v2\/rss_feed"}],"about":[{"href":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/wp-json\/wp\/v2\/types\/rss_feed"}],"author":[{"embeddable":true,"href":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/wp-json\/wp\/v2\/users\/24"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/wp-json\/wp\/v2\/media\/27859"}],"wp:attachment":[{"href":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/wp-json\/wp\/v2\/media?parent=27858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/wp-json\/wp\/v2\/categories?post=27858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\""An\"](\""https:\/\/images.immediate.co.uk\/production\/volatile\/sites\/4\/2023\/05\/GettyImages-1158451506-59dd36f-e1685118248644.jpg?quality=90&resize=620%2C464"\" "\\"\"Aerial\\"\/")
<\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/picture><\/div>\nOther than their financial means, there is one factor that the richest people in the world seemingly share: personality traits.<\/p>\n
\u201cThese people are good at controlling their emotions, both positive and negative ones, and they tend to be less emotionally reactive to the world around them at high levels,\u201d Dr Steve Loughman<\/a>, a social psychologist at the University of Edinburgh, tells BBC Science Focus<\/em>.<\/p>\n \u201cThis can come off as cold, but they don\u2019t tend to react in the way most people would. They also tend to be extroverted, outgoing and open to new experiences.<\/p>\n \u201cThis defies a popular stereotype of the reclusive, introverted millionaire that is often portrayed.\u201d<\/p>\n These shared traits \u2013 emotional control and extroversion\u00a0\u2013 have been studied for years but most noticeably in a study last year from the Socio-Economic Panel<\/a> (SOEP). The researchers studied data from validated personality tests of over 20,000 individuals. Of this group, over 1,000 of them were at least millionaires.<\/p>\n The higher the wealth, the more pronounced these personality traits were \u2013 even amongst non-millionaires with sizeable fortunes.<\/p>\n However, it isn\u2019t just emotional control and extroversion that links billionaires.<\/p>\n \u201cThey\u2019re rarely traditionalists or conformists. They push for innovation \u2013 think Elon Musk or Jeff Bezos. This comes paired with a high level of conscientiousness,\u201d says Loughman.<\/p>\n \u201cFinally, they tend to be low in agreeableness. This doesn\u2019t necessarily mean they\u2019re necessarily rude. Instead, it just means that they\u2019re comfortable with conflict. They can challenge other people without the need to be liked.\u201d<\/p>\n Read more:<\/strong><\/p>\n Self-made millionaires might all share similar characteristics, but what about those who inherited<\/em> their wealth? Much like the Roys in Succession<\/em>, personality traits can run in the family.<\/p>\n \u201cPersonality is partially heritable, so there are genetic components to these traits we\u2019re talking about,\u201d says Loughman.<\/p>\n However, inheriting wealth isn\u2019t all a walk in the park. While you might suddenly have all of the money in the world, it also has psychological effects that often come with it.<\/p>\n \u201cThere\u2019s a disorder known as sudden wealth syndrome,\u201d says Loughman. \u201cThe weight of expectation that comes with acquiring large amounts of wealth can change people\u2019s psychologies in ways that aren\u2019t particularly desirable.\u201d<\/p>\n This doesn\u2019t just occur in people who inherit their financial standing, but also in those who win large amounts of money in the lottery or the few who gained off a lucky bet during the rise of cryptocurrencies<\/a>.<\/p>\n The term applies to the sudden gain of wealth, and while it hasn\u2019t been denoted an official psychological diagnosis, it is reported in a number of more unique cases, less often for those inheriting huge family fortunes.<\/p>\n For a period of time, the term \u2018affluenza\u2019 gained popularity. Combining the words \u2018affluent\u2019 and \u2018influenza\u2019, it described the condition of growing up so rich, that the sense of right and wrong becomes lost, combined with a lack of motivation, guilt and isolation.<\/p>\n However, it will come as no surprise that there is virtually no real research into the term and it doesn\u2019t appear in any psychiatric manuals.<\/p>\n But while the term isn\u2019t going to be making its way into any diagnostic manuals any time soon, there is still some truth to the idea.<\/p>\n \u201cSome people with money think the rules don\u2019t apply to them because quite frankly, a lot of times they don\u2019t. I\u2019ve got clients that fly internationally and don\u2019t go through passport control, they go through private jet routes instead,\u201d says Clay Cockrell<\/a>, a therapist whose clients are ultra-rich.<\/p>\n While this isn\u2019t a universal mindset of the ultra-rich, it is often seen in those who grew up wealthy, inheriting money in the process. As Cockrell points out, many who didn\u2019t work for their money can lose ambition, and ultimately don\u2019t feel the need to work towards a goal.<\/p>\n Once wealth is gained, whether through family or an individual\u2019s own work, a whole range of barriers are removed. But if you remove the stress of money, does it rewire your brain and, like many people believe, will this bring you happiness?<\/p>\n An often-quoted study reports a cut-off for happiness and money. Pass $75,000 (\u00a360,400) a year and there is no major increase in happiness<\/a> according to a study by Nobel Prize winner Angus Deaton.<\/p>\n However, research since then has suggested otherwise. \u201cJustin Wolfers, who\u2019s an economist argued that it\u2019s simply a long linear relationship<\/a>. An extra \u00a310 an hour is a lot if you earn \u00a35 an hour, but not so much if you\u2019re making north of \u00a3100 an hour,\u201d says Loughman.<\/p>\n \u201cIf you take that into account, instead of thinking of salary increases in terms of \u00a310,000, you think about it as a 10 per cent increase, then it is simply linear. This means that billionaires just need a much larger number to see a boost in happiness.<\/p>\n Cockrell adds: \u201cThere is a feeling of never having enough, even with billionaires. Where is the cut-off? And for many, it comes with feelings of guilt, isolation and a loss of self-worth. You get caught up in a bubble of the 1 per cent, complete with a new set of problems.<\/p>\n \u201cThe clients I speak to often feel guilty when they\u2019re not happy. If you have all of this money, happiness should be a given, right? But money doesn\u2019t solve all of your problems, it just makes some things easier.\u201d<\/p>\n Happy or not with your wealth, money has the potential to make or break someone\u2019s moral compass. With lots of money under your belt, you can become a big donor, or keep it to yourself. So, are the rich moral? Usurpingly, we\u2019re not sure.<\/p>\n \u201cResearch is murky when it comes to wealth and morality. A lot of research points to the super-rich being generous in terms of charitable giving,\u201d says Loughman.<\/p>\n However, there is also plenty of research that shows the opposite. Researchers like Michael Krauss argue there has been a collapse in empathy among people with large financial backgrounds<\/a>.<\/p>\n His studies indicate that the richer population have difficulty understanding the emotions of others, and struggle to feel empathy towards groups outside their circles.<\/p>\n But maybe it\u2019s not money that changes the morality of the ultra-rich. Maybe it\u2019s power. After all, where there is money, there is usually power, and how people use this power says a lot about their morality.<\/p>\n \u201cThe basic argument is that power enables.<\/em> We all have personalities and dispositions, but without power, you have to conform to the ways of life and society. Yet with power, the challenges you face in life are not about survival. Instead, it is more about what kind of person you want<\/em> to be,\u201d says Loughman.<\/p>\n \u201cWith their basic needs taken care of, people\u2019s personalities can become powerful drivers of their behaviour. This is something that is hard to explore without money.\u201d<\/p>\n Along with the sudden ability to buy whatever you want, huge amounts of money give people the chance to sit back and ask what they want to do with their lives. Some keep working, some build massive companies, some develop a life of luxury.<\/p>\n And some join up with their brother and sister to take over the WayStar empire.<\/p>\n Read more:<\/strong><\/p>\n Billionaires live vastly different lives to most people, but are they happy? What personality traits make a billionaire? And are they lacking morals? We spoke to leading psychologists to find out. <\/p>\n","protected":false},"author":24,"featured_media":27859,"template":"","categories":[1],"acf":{"readingTimeMinutes":"7"},"uagb_featured_image_src":{"full":["https:\/\/c01.purpledshub.com\/uploads\/sites\/42\/2023\/05\/how-to-think-like-a-billionaire-the-personality-traits-and-morality-of-the-ultra-rich.jpg",1200,521,false],"thumbnail":["https:\/\/c01.purpledshub.com\/uploads\/sites\/42\/2023\/05\/how-to-think-like-a-billionaire-the-personality-traits-and-morality-of-the-ultra-rich-150x150.jpg",150,150,true],"medium":["https:\/\/c01.purpledshub.com\/uploads\/sites\/42\/2023\/05\/how-to-think-like-a-billionaire-the-personality-traits-and-morality-of-the-ultra-rich-300x130.jpg",300,130,true],"medium_large":["https:\/\/c01.purpledshub.com\/uploads\/sites\/42\/2023\/05\/how-to-think-like-a-billionaire-the-personality-traits-and-morality-of-the-ultra-rich-768x333.jpg",768,333,true],"large":["https:\/\/c01.purpledshub.com\/uploads\/sites\/42\/2023\/05\/how-to-think-like-a-billionaire-the-personality-traits-and-morality-of-the-ultra-rich-1024x445.jpg",800,348,true],"1536x1536":["https:\/\/c01.purpledshub.com\/uploads\/sites\/42\/2023\/05\/how-to-think-like-a-billionaire-the-personality-traits-and-morality-of-the-ultra-rich.jpg",1200,521,false],"2048x2048":["https:\/\/c01.purpledshub.com\/uploads\/sites\/42\/2023\/05\/how-to-think-like-a-billionaire-the-personality-traits-and-morality-of-the-ultra-rich.jpg",1200,521,false]},"uagb_author_info":{"display_name":"importmanagerhub@sprylab.com","author_link":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/author\/importmanagerhubsprylab-com\/"},"uagb_comment_info":0,"uagb_excerpt":"Billionaires live vastly different lives to most people, but are they happy? What personality traits make a billionaire? And are they lacking morals? We spoke to leading psychologists to find out.","_links":{"self":[{"href":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/wp-json\/wp\/v2\/rss_feed\/27858"}],"collection":[{"href":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/wp-json\/wp\/v2\/rss_feed"}],"about":[{"href":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/wp-json\/wp\/v2\/types\/rss_feed"}],"author":[{"embeddable":true,"href":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/wp-json\/wp\/v2\/users\/24"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/wp-json\/wp\/v2\/media\/27859"}],"wp:attachment":[{"href":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/wp-json\/wp\/v2\/media?parent=27858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/c01.purpledshub.com\/bbcsciencefocus\/wp-json\/wp\/v2\/categories?post=27858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The struggle of inheritance<\/strong><\/h2>\n
![\""Businessman\"](\""https:\/\/images.immediate.co.uk\/production\/volatile\/sites\/4\/2023\/05\/GettyImages-1150293076-1fd6292-e1685118372372.jpg?quality=90&resize=620%2C413"\" "\\"\"Businessman\\"\/")
<\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/picture><\/div>\nThe happiest people on Earth<\/strong><\/h2>\n
![\""Graph\"](\""https:\/\/images.immediate.co.uk\/production\/volatile\/sites\/4\/2023\/05\/GettyImages-1393862900-91eb132-e1685118275884.jpg?quality=90&resize=620%2C414"\" "\\"\"economic\\"")
<\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/source><\/picture><\/div>\nHow money can warp your morality<\/strong><\/h2>\n
","protected":false},"excerpt":{"rendered":"