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What Distinguishes the Super Rich From the Rest of Us

Manfred F. R. Kets de Vries , INSEAD

31 Aug 2021

What Distinguishes the Super Rich From the Rest of Us

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Peeking into the inner theatre of the seriously wealthy.

Reading about Jeff Bezos, I cannot help but wonder how it feels to be the richest man in the world. When your net worth is estimated at nearly US$200 billion, you arguably deserve a superyacht that is almost as big as the Great Pyramid of Giza (if the vessel was laid out vertically). In fact, owning such a vessel is cheaper than shooting rockets in the air, another popular billionaire hobby.

In the history of super-rich businesspeople, the world’s first billionaire was John D. Rockefeller, the father of the petroleum industry. He took advantage of the new technologies of his time to amass great fortunes, a trend that has continued until today. There is something to be said about being at the right place, at the right time.

Presently, there is more extraordinary wealth creation than ever before. Still, the billionaire club remains incredibly exclusive. There are 2,744 billionaires on this planet, according to Forbes . It is estimated that by 2030, the richest 1% of the population will own two-thirds of the world’s wealth.

Becoming a billionaire

Do you have what it takes to be a billionaire? The writer F. Scott Fitzgerald once said, “Let me tell you about the very rich. They are different from you and me.” Could these people possess a mysterious X-factor? Do billionaires have more things in common than their heady bank accounts?

A few years ago, the historian and sociologist Rainer Zitelmann interviewed 45 members of the German wealth elite, mostly self-made entrepreneurs with net assets between €30 million and 1 billion. Zitelmann had them take the Big Five personality test to figure out whether specific personality traits play a key role in the successful pursuit of wealth.

In the field of psychology, the Big Five model suggests that behaviour is determined by people’s degree of neuroticism, conscientiousness, extraversion, openness to experience and agreeableness. Zitelmann discovered that the very rich scored low on neuroticism and thus tended to deal well with stress. They appeared to be extraverted (or knew how to present themselves that way) and more open to new experiences. In addition, they were less agreeable, i.e. less likely to shy away from conflicts. And finally, they were quite conscientious, i.e. more detail oriented and thorough.

In sum, the super-rich may be different from you and me, but not very much. Having dealt with quite a few of them given my work as an executive coach, psychoanalyst, and management professor, I would like to add my own observations.

The inner theatre

Most self-made billionaires appeared to have been raised by parents who encouraged them to pursue their interests. But quite early in life, these budding super-rich realised the importance of having control over their lives. To work under somebody became a very unattractive proposition for them. As a result, many grew up with an entrepreneurial role model in mind.

Furthermore, from a young age, they came to appreciate the importance of having money. They view it as a tool that provides them with a range of options and opportunities. In other words, their pursuit of money is linked to their primary desire of having more control over their lives.

Beyond these traits, I have also noticed the following common behavioural themes.

Drive

Many self-made billionaires possess a somewhat different Weltanschauung, or world view, compared to run-of-the-mill businesspeople. They’re very focused and have big ideas. They are also quite talented in envisioning possible futures. Moreover, they tend to be quite driven and to have lots of energy. Enthralled with a magnificent obsession, they bring an intense focus to whatever they want to accomplish.

Determination

These people appear extremely determined. And they don’t easily give up. When faced with crises and setbacks, they take action and move on. They don’t wallow in self-pity and become depressed. They also know that success doesn’t come overnight. They have a long-term time horizon.

People skills

Many of these people tend be somewhat outgoing. They have realised that starting ventures isn’t an activity that can be done alone. Given this interpersonal skillset, they have a knack for persuading others to buy into their dreams. In addition, undeterred by critics and naysayers, they don’t take no for an answer and always find ways to go around the obstacles before them.

Nonconformity

While other people spend time and energy blending in, the super-rich create their own path. Going against prevailing opinions is not a problem....