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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June 17, 2008 at 12:19 pm
Paul Yoder
Do you think it will become harder or easier to become a millionaire as globalization continues to grow?
On one hand I could see how it could become easier because there would be more markets to choose from, but then on the other hand it could become more difficult because foreign businesses could start invading the current markets.