We examined the content and the structure of wealth cues, which are a part of the rich stereotype. So far, research has either asked participants to reproduce stereotypes about the rich without focusing on visible cues (e.g., Ragusa, 2015) or made a pre-selection of wealth cues (e.g., Bertram-Hümmer et al., 2015). But it remained unclear if these approaches appropriately reflect the full range of wealth cues and how these cues can be structured to aptly describe the mental representation of the latent wealth construct. Our work addressed this gap in the literature. We systematically studied wealth cues generated by participants through free association, rather than predefined attributes that qualify a person as rich. Our studies thereby added important novel insights to our understanding of the range of attributes taken to indicate wealth, and how these wealth cues are organized to form one complex cognitive representation of the social category of the rich.
First, regarding the content, the present research revealed subjective wealth cues that were rarely studied so far. To our knowledge, there are no studies that examined the role of charismatic behavior and only few that examined greedy behavior in the subjective perception of wealth in other people. One reason might be that traits in general are hard to observe and to operationalize. Greedy behavior might be overlooked, possibly because stereotypes about the rich are mainly positive (Christopher & Schlenker, 2000; Ragusa, 2015). Furthermore, we are also not aware of any study that examined the role of wasteful behavior in rich people, as indicated by the spontaneous spending dimension. Although there is one recent study that developed a ‘spending implies wealth belief scale’ (Kappes et al., 2021), our spontaneous spending dimension is more differentiated as it contains three sub-dimensions that are more specific about what individuals shall spend their money on to be identifiable as rich. Thus, contrary to earlier studies (e.g., Bertram-Hümmer & Baliki, 2015; Kappes et al., 2021; Ragusa, 2015), our research provides a validated model of various wealth cues.
Our wealth cue model also shows some parallels with earlier research regarding the content. We confirmed the prior findings that rich people are recognized by specific possessions (e.g., Bertram Hümmer et al., 2015; Ragusa, 2015). Moreover, we observed that individuals ascribed a high spending willingness (luxury consumption, expensive hobbies) to the rich, which is somewhat in line with what Maaravi and Hameiri (2019) have found in their examination of the influence of wealth cues (e.g., cars) on first offers in business negotiations. Based on their findings that wealth cues go along with high first offers, it may be concluded that individuals believe that rich people are more willing to spend than people who do not show such cues. In addition, our results further showed that rich people are also thought to have different looks because they present themselves with different symbols compared to people who are not rich (Gillath et al., 2012). And although some wealth cue dimensions do not appear to be new, or intuitively surprising, the present results allow a broader understanding of their meaning (i.e., their content) and yield possible operationalizations of the wealth cue dimensions.
Regarding the structure, our wealth cue model indicates that wealth cues cluster around latent dimensions just like stereotypes of the rich and other subgroups of the society do (Kornadt & Rothermund, 2011; Ragusa, 2015). Furthermore, the results indicate an overall latent factor that may reflect how individuals imagine how a rich person looks like. This is in line with the assumption that several directly observable cues combined serve as a lens through which it is possible to infer an underlying latent construct of wealth (Asendorpf, 2018; Brunswik, 1956). Notably however, results from a factorial invariance analysis show that although the structure of wealth cues is similar for participants in Germany and the USA, it seems that the abstract concept of what is typical for a rich person differs in both countries. We speculate that the different wealth concepts stem from different observations of conspicuous consumption behavior of rich people in Germany and the USA.
Regarding the wealth cue profiles, we found that some wealth cues are more indicative for people who acquired their wealth via internal compared to external means than other wealth cues. So far, studies that examined these subgroups of the rich (e.g., Sussman et al., 2014; Wu et al., 2018) have only investigated the likeability of those rich groups (Sussman et al., 2014), for example with the use of stereotypes from the stereotype content model (Sarkar et al., 2020; Wu et al., 2018). In contrast to this, Study 3 revealed that people relate specific behaviors and use different wealth cues to identify these rich subgroups, because the subgroups are seen as differently competent and likeable. The results revealed that wealth cues can be distinguished in their perceived valence and competence which shows that the developed wealth cues have a good predictive validity.