General Information

  • The average age is 57. Only 10% are under 40.
  • Grew up in middle or working class families. (80% are first-generation millionaires).
  • Attended some college (15% dropped out by 12th grade).
  • Approximately 60% are men, 40% are women.
  • Drives an older American car (60%).
  • Dresses moderately and conservatively.

Home Life

  • Over 80% are married, many to their high school or college sweetheart. Small families.
  • Two grown children is average.
  • About half of America’s millionaires live in working or middle class neighborhoods. The rest live in nicer neighborhoods.
  • Both husband and wife often work. The wealthier they are, the less likely the wife is working.

Business

  • Millionaires are paid for performance. They are generally self-employed (only 16% work for someone else).
  • The gross revenues of most of these companies is between $50,000 and $10 million a year.
  • Average family income is $130,000, but can range from $30,00 to over $1 million. They may have only one part-time employee or provide jobs for up to 100 people. It depends a lot on the nature of the business.
  • There are only three ways that business owners can get rich in America:

a.  Carve out a narrow market niche and charge premium prices for their product or services.
b.  Develop a unique application of a mundane process or product that has a broad market.
c.  Superior management that can squeeze a profit from any market.

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