Research has discovered 14 facts about millionaires that may surprise you. These
- Most millionaires are self-made, not inherited. Only 19% have received money from trust funds or estates, and 91% have never owned a family business. Less than 20% have inherited significant money (at least 10% of their wealth). 80% are first generation rich and self-made.
- Most millionaires (75%) believe that having a regular and consistent investment strategy over time is the key to their success.
- 93 percent of millionaires said they achieved their wealth through hard work, not from huge salaries. Only 15 percent of millionaires were in executive positions, such as vice president or CEO, CFO, or COO.
- Only 8% of millionaires attended prestigious private schools, while almost two-thirds graduated from public state schools.
- Two-thirds of all nonretired millionaires who own small businesses are self-employed. People who own small businesses have a four-times greater chance of becoming millionaires than those working for others.
- Eighteen percent of American adults are millionaires. The majority (95%) have between $1 million to $5 million.
- In order, the top five countries for millionaires are the U.S. with 40%, China with 10%, Japan with 6%, the United Kingdom with 5%, Germany with 5%, and France with 4%. These six countries represent 70% of the world’s millionaires.
- According to the article quoted above, the nine cities with the most millionaires are Tokyo, New York City, London, Paris, Frankfurt, Beijing, Osaka, Hong Kong, and Shanghai.
- A majority of millionaires do not drive luxury cars. The top 5 brands owned by millionaires are Toyota, Ford, Honda, Lexus and Subaru.
- The majority of homeowners (97%) have lived in the same home for at least 20 years.
- Eight out of ten millionaires (80%) invested in their company’s 401(k) plan.
- One of the top five careers for millionaires is engineer, followed by accountant, teacher, manager, and attorney.
- Generally, they save/invest 20% of their total household income.
- Approximately $600,000 is needed to be in the top 1% of income, and approximately $11 million to be in the top 1% of wealth in net worth.
These Are Top 14 Facts About Millionaires.