20 Millionaire Facts You May Not Believe: Here are 20 interesting facts that research has discovered about millionaires that you may not know or believe to be true.
Self-Made Success:
Only 19% of millionaires received money from a trust fund or estate.
91% never received any ownership of a family business.
80% are first-generation rich and self-made.
Less than 20% inherited significant money.
Investing Wisdom:
Three out of four millionaires (75%) attribute their success to regular, consistent investing over a long period.
Leadership Roles:
Only 15% of millionaires were in senior leadership roles.
93% achieved wealth through hard work rather than high salaries.
Educational Background:
The college degree matters more than the institution.
62% graduated from public state schools, while only 8% attended prestigious private schools.
88% of millionaires have college degrees.
Entrepreneurship Pays Off:
Self-employed individuals with small businesses are four times more likely to be millionaires.
Two-thirds of non-retired millionaires are small business owners.
Financial Priorities:
Most millionaires prioritize financial independence over displaying high social status.
Demographics of Millionaires:
About 8.8% of American adults are millionaires.
95% have a net worth between $1 million and $5 million.
Global Distribution:
The top six countries with millionaires are the U.S. (40%), China (10%), Japan (6%), the United Kingdom (5%), Germany (5%), and France (4%).
Cities with Most Millionaires:
The nine cities with the most millionaires include Tokyo, New York City, London, Paris, Frankfurt, Beijing, Osaka, Hong Kong, and Shanghai.
Political Affiliation:
More millionaires identify as Republican (38%) than Democrat (30%) or Independent (29%).
Car Preferences:
Most millionaires don’t drive luxury cars.
The top 5 brands driven by millionaire households are Toyota, Ford, Honda, Lexus, and Subaru.
Marital Status:
86% of millionaires are married, with 65% still in their first marriage.
Homeownership:
97% of millionaires are homeowners, living in the same home for over 20 years on average.
Retirement Investments:
Eight out of ten millionaires (80%) invest in their company’s 401(k) plan.
Top Careers for Millionaires:
The top five careers for millionaires include engineer, accountant, teacher, management, and attorney.
Business Ventures:
Most millionaires who own their own businesses are in dull, low-tech industries.
Savings and Investments:
On average, millionaires save/invest 20% of their realized household income.
Top States for Millionaires:
The highest concentration of millionaire households is in New Jersey, Maryland, Connecticut, Massachusetts, and Hawaii.
Net Worth Breakdown:
There are approximately 22 million households with a net worth of over $1 million.
1.45 million households have a net worth above $10 million.
About 90,000 households have a net worth of at least $50 million.
Top 1% Benchmarks:
To be in the top 1% of income, you need to earn approximately $600,000 per year.
To be in the top 1% of accumulated wealth, you need approximately $11 million.