Many studies have been taken on the millionaire population in the US. The numbers vary. Some wealth surveyors suggest that in the US alone there are 8.4 million households worth between 1 million and 10 million dollars. I personally believe the number is half that, at around 4.5 million household whom have managed to accumulate that wealth. The larger number is probably accurate for the entire world. Allegedly, the number is growing rapidly.
So who are these newly minted millionaires? What are their tastes? Do they suddenly become snooty and hang out at the most exclusive enclaves for the rich? Hardly.
These new millionaires adhere to middle-class values, earning their money rather than inheriting it. They work 70 hours a week, and prefer neighborhoods based on the quality of schools.
They spend their money on all the things that tie back to family values — on the health and welfare of their family, career development, and as you move up the ladder they spend on leisure and luxury activities.
Many of these so called “middle class Millionaires� believed anyone could attain wealth through hard work.
Middle-class millionaires are almost three times as likely as the average middle-class person to choose a career based on its likely earnings, three times as likely to belong to a networking group, and five times more likely to say they are always available for work by phone or email.
Nearly eight out of 10 — or 77 percent — choose their neighborhood based on the quality of the school system.
The four main characteristics of a millionaire were that they are hard working, they network, are persistent even in the face of failure, and put themselves in the flow of money.
One discouraging aspect of this growing demographic is that the newly wealthy are upping the bar when it comes to consumption. Many people in this group are wanting to distinguish themselves with their spending. In other words, what was once exclusive is now available to a larger group of people. This has created a vacuum of sorts in that other income groups are spending more to keep up.
The super rich are especially vulnerable to this and are looking for very expensive things to set them apart. Like going into space for example.
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