German entrepreneur and author Dr Rainer Zitelmann was well aware of the popular literature on “how to become a millionaire” (e.g. The Millionaire Next Door). But he noticed there were very few scholarly studies on how the very rich think and act.

Zitelmann aimed to fill the gap. He persuaded 45 very rich people, mostly German entrepreneurs, to sit down and be interviewed. The ‘poorest’ had a fortune of 10 million euros, and the richest were worth several billion euros. This is what he found...

Most were from middle class families, neither poor nor rich. Sixty percent of the interviewees had parents who were self-employed (small business owners, farmers etc). Not having wage-earning parents shaped how they saw the world.

Many went to private schools, even if it was a struggle for the parents to afford. Many experienced the life of the rich through contacts or friends, and thought, “I want some of that”.

They didn’t have career aspirations that were much different to other kids their age, and most reported quite harmonious relationships with their parents.

That said, many were a little rebellious at school. Or, they had held offices like class president or ran newspapers, giving them an early taste of responsibility. Half were athletic and pushed hard to excel at competitive sport. 

The majority were involved in some kind of business while at school or university. They learned sales techniques early on and learned to think like entrepreneurs.

Of the 45 interviewees, 18 went to university, and 11 had doctorates. Entering the workforce, some worked for large companies. They left because they felt that promotion was too slow or their earning potential was too low. Or, they felt they were too unorthodox to work in an existing structure.

Many of the multi-millionaires & billionaires have detailed lists of goals, with deadlines by which they want to achieve them - as suggested by popular books like Think and Grow Rich. The value of this habit is supported by psychological research which shows the power of challenging and clearly formulated goals over vague ones. 

All the wealthy elite agreed that the ability to sell has been key to their success. Yet few of them fit the stereotype of the flashy salesperson. Instead, they define sales as the capacity to convince and explain things clearly.