- How many millionaires are there? There are 42.2 million millionaires worldwide. 8% are in China, 7% are in Japan, 6% are in the UK, 5% are in Germany, and 5% are in France. The vast majority – 40% (17.3 millionaires) live in the US. (Source: Credit Suisse)
- How hard is it to become a millionaire in the US? Not too hard. Recent surveys indicate that more than 1,700 US citizens become millionaires every single day.
- How long does it take to become a millionaire? A long time. On average, it takes 32 years to acquire a net worth of at least $1 million.
- What role does inheritance play? Very little. More than 80% of millionaires are “first-generation” wealthy and received no inheritances at all. Further, 78% grew up poor or working class. Only 22% came from upper-income families.
- Did they intend to become rich? About half did. 53% of self-made millionaires say they were “obsessed” with becoming rich.
- Do they drive fancy cars? No. The most common cars driven by millionaires are mid-priced sedans.
- Do they pay their “fair share” of taxes? Although constituting less than 5% of the population, millionaires pay 40% of the income tax in the US.
- How important is education? 76% said their parents valued academic achievement. 86% have college degrees.
- How hard do millionaires work? Three out of four millionaires work. One out of four is retired. 86% of those that work full-time put in 50 hours or more each week.
- How important is financial discipline? 83% believe in “smart investing.” 82% believe strongly in saving, and one study found that they save an average of 23% of their income. Most of them – 74% – do not gamble at all.
Notes From My Journal
Ten Surprising Facts About How People Build Wealth
I’m working on a little book that’s tentatively titled New Ideas About BuildingWealth. My thesis is original in the sense that it came from thinking about my own experience and the experience of friends and colleagues that beat the odds and became wealthy. But my conclusion – that what matters most is a set of values and beliefs – is not surprising.
I’ve been doing a lot of research for the book, and have been finding some interesting facts. Here are 10 of them – the majority from The Millionaire Next Door by Thomas Stanley, Rich Habits by Thomas Corley, and a survey by The Spectrem Group: