Nearly 6 percent have a net worth of over $10 million. Of course, some of our cohorts have accumulated much more. * We have an average household net worth of $3.7 million. More category (5 percent) skew the average upward. Note that those of us who have incomes in the $500,000 to $999,999 category (8 percent) and the $1 million or * Our household's total annual realized (taxable) income is $131,000 (median, or 50th percentile), while our average income is $247,000. The number-one occupation for those wives who do work is teacher. * About half of our wives do not work outside the home. We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, and paving contractors. * Many of the types of businesses we are in could be classified as dullnormal. Most of the others are self-employed professionals, such as doctors and accountants. Of four of us who are self-employed consider ourselves to be entrepreneurs. Interestingly, self-employed people make up less than 20 percent of the workers in America but account for two-thirds of the millionaires. About two-thirds of us who are working are self-employed. About 70 percent of us earn 80 percent or more of our household's income. * I am a fifty-seven-year-old male, married with three children. Who is the prototypical American millionaire? What would he tell you about himself?(*) Guy of the group said, "Oh, we forgot we were in Texas!" I don't own big hats, but I have a lot of cattle. They looked all over my office, looked at everyone but me. When my British partners first met me, they thought I was one of our truck drivers. His neighbors were postal clerks, firemen, and mechanics.Īfter he substantiated his financial success with actual numbers, this Texan told us: He lived in a modest house in a lower-middle-classĪrea. But he drove a ten-year-old car and wore jeans and a buckskin shirt. He owned a very successful business that rebuilt large diesel engines. We first heard this expression from a thirty-five-year-old Texan. This concept is perhaps best expressed by those wise and wealthy Texans who refer to our trust officer's type as Officer leases, while only a minority of millionaires ever lease their motor vehicles.īut ask the typical American adult this question: Who looks more like a millionaire? Would it be our friend, the trust officer, or one of the people who participated in our interview? We would wager that most people by a wide margin would pick the trust An even smaller minority drive foreign luxury cars. Only a minority drive a foreign motor vehicle. Most millionaires are not driving this year's model. Our friend also drives a current-model imported luxury car. We know from our surveys that the majority of millionaires never spent even one-tenth of $5,000įor a watch. We have found this is not the case.Īs a matter of fact, our trust officer friend spends significantly more for his suits than the typical American millionaire.
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They think millionaires own expensive clothes, watches, and other status artifacts.
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His view of millionaires is shared by most people who are not He made these comments following a focus group interview and dinner that we hosted for ten first-generation millionaires. The person who said this was a vice president of a trust department. The millionaires who look like millionaires?
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These people cannot be millionaires! They don't look like millionaires, they don't dress like millionaires, they don't eat like millionaires, they don't act like millionaires-they don't even have millionaire names. The Millionaire Next Door: The Surprising Secrets of American's Wealthyīy THOMAS J.