Do actual and perceived self‐enhancement entail differing social impressions (i.e. interpersonal evaluations)? Actual self‐enhancement represents unduly positive self‐views, as gauged by an objective criterion (in this case, IQ scores), whereas perceived self‐enhancement involves the extent to which an individual is seen by informants (i.e. peers or observers) as self‐enhancing. In an online survey (N = 337), a laboratory experiment (N = 75), and a round‐robin study (N = 183), we tested the effects of actual and perceived intellectual self‐enhancement on (informant‐rated) emotional stability, social attractiveness, and social influence. Actual self‐enhancers were rated as emotionally stable, socially attractive, and socially influential. High perceived self‐enhancers were judged as socially influential, whereas low‐to‐moderate perceived self‐enhancers were deemed emotionally stable and socially attractive. Privately entertained, illusory positive (even extreme) self‐beliefs confer social benefits, whereas being perceived as self‐enhancing buys social influence at the cost of being despised. Copyright © 2013 John Wiley & Sons, Ltd.