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20 Millionaire Facts You May Not Believe

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.

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