While it may not be an overnight journey to become a HNW or UHNW individual, research shows certain characteristics that set this segment of people apart from the affluent.
Dr Rainer Zitelmann author of the book “Wealth Elite” published in March 2018, recently discussed the main findings of his research with Private Banker International.
Zitelmann, said: “There is a correlation between an UHNW individual’s personality and financial success.”
Here are five characteristic traits according to Zitelmann about the super rich:
- They are non-conformist.
Zitelmann says they have all had times of hardship and sailed through the crises well. “Everything is my fault, if I am responsible I am able to change the situation,” he said describing the notion of those in that situation.
- They are optimistic people.
“They have self-efficacy and are convinced that they can solve any problem.”
- Their decisions are mostly driven by gut instinct rather than through business analysis.
- They are likely to have been athletes during childhood.
Zitelmann said 50% of his interviewees said they were competitive at sports while growing up. “It teaches you victory and frustration during defeat,” he said.
- They are good salesmen and probably did it while growing up.
“Sales skills were extremely important for success. They were proud to be sales men, sell ideas and not only products. Without sales you cannot be a good entrepreneur.
“Most of them earned money in their youth in a different way, they did not work for the hourly wage. They were engaged in entrepreneurial activities. “
Zitelmann identified that while most of the super rich were naturally workaholics, none of them felt the need to work. Their decision to work was driven more by a passion for their jobs rather than a source of earning income.
The research involved interviews with 45 combined multimillionaires and billionaires. 44 out of 45 of the interviewees were men, and one was a woman.