Gaby
A team of researchers from Linköping University (Sweden), the European University Institute (Italy), and the University of Amsterdam (Netherlands) has challenged the connection between intelligence and achieving the highest levels of financial success.
According to the scientists, the wealthiest individuals on the planet, who make up only a small percentage of the population, perform significantly worse on cognitive ability tests than their less affluent counterparts. The team found that once a person reaches a very high level of wealth, intelligence is no longer a key factor in further enrichment. Other factors come into play, as reported by Science Alert.
In other words, exceptional cognitive abilities are not decisive for the ultra-wealthy at a certain point. Strong intelligence is more crucial for those with more modest means who are simply trying to earn more.
Background, Luck, and Fortune – Other Keys to Financial Success
Thus, according to the new research, being at the pinnacle of material success does not necessarily mean that one is an exceptionally intelligent person.
This conclusion contradicts the common societal belief that high wealth is primarily achieved through intelligence and talent. The researchers also highlighted the importance of background, family connections of the wealthy individual, personal qualities, and luck.
The team analyzed the test results of 59,387 middle-aged Swedish men. They worked in various fields, held different positions, and had varying levels of financial well-being. The sample did not include women and did not account for the nationality of the participants.
The researchers discovered that the correlation between cognitive abilities and wealth was more pronounced when respondents earned less than 60,000 euros per year (approximately $64,400). As incomes rose above this threshold, intellectual abilities ceased to play a key role in achieving increasingly significant financial levels. In fact, their cognitive skills were no better than those of individuals earning relatively modest incomes.
In simpler terms, once people achieved noticeable material success, cognitive abilities no longer played a significant role in further enrichment.
The team also noted that those who belonged to the top one percent of wealthiest men often showed the poorest intellectual results compared to the other participants.
A World of Inequality, Where the Super-Rich Keep Getting Richer
However, the scientists’ findings do not imply that intelligence and diligent study have no bearing on how much a person will earn in the future. Rather, at the highest levels of financial success, different mechanisms come into play.
The team also emphasized that cognitive abilities and the prestige of a profession do not always predict a high level of wealth.
The researchers believe their work is significant for our world, where the super-rich continue to amass wealth and exert increasing influence over global political, social, and economic issues.
The study, the results of which were published in the European Sociological Review, was partly motivated by the growing attention of contemporary society to inequality worldwide. Ultimately, the scientists found no evidence that those with immense wealth are more deserving than those who are far removed from it, at least in terms of intellectual metrics.
Photo credit: Leonardo DiCaprio in “The Wolf of Wall Street”/Paramount Pictures
