Become A Millionaire, One Million, Five Million? Business Opportunity, Entrepreneurship, Get Rich ...

Concise Encyclopedia.com, Research and Reference Materials Online, Search Engines, Dictionaries

Professional Guided Hypnosis, Self Help, Health Issues, Personal Development, Self Improvement:
hundreds of specific areas to help you right now ... Certified Hypnosis Downloads
for Self Help Users as well as Hypnosis Scripts / Hypnosis MP3s for Practitioners & Trainees ... CLICK HERE

Millionaires Live in Different Worlds

Those Worth $5 Million or Less Are Managers and Educators, Put Money Into Homes and Insurance Products

Senior Corporate Executives, Business Owners Fill the $25 Million Tier

Becoming a millionaire no longer guarantees a life of champagne and caviar.

In fact, households with a net worth of $1 million to $5 million, not including primary residence, demonstrate a much more humble existence than the term "millionaire" tends to evoke, according to a new report that studies this group, "The Millionaire Investor," released today by Spectrem Group.

The two most prevalent careers among the $1 million to $5 million group are manager (20%) and educator (11%). Meanwhile, those in the $25 million and higher category are entrepreneur / business owner (30%) and senior corporate executive (17%), according to additional Spectrem research.

"Millionaire has always had a magical ring to it, presenting a powerful aspiration for many. However, achieving millionaire status no longer guarantees a life of leisure. In fact, those in the $1 million to $5 million category work in jobs like managers and educators that we don't typically associate with the term 'millionaire.' The real millionaires today are those with $25 million or more. These tend to be senior corporate executives and business owners and represent the top tier in American wealth. Those with $5 million or less have still done well. They just represent a slightly different category, more like working-class millionaires," said George H. Walper, Jr., President of Spectrem Group and co-author with Spectrem Managing Director Catherine S. McBreen of the new book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008).

In terms of assets, both millionaire groups have the majority of their money placed in investable assets. However, for the $5 million and under group, the biggest allocations of their remaining assets are principal residence (16%) and insurance and annuities (9%). The $25 million and higher tier have their non-investable assets in privately held business (12%) and all other real estate (10%).

Methodology

The Spectrem report, "The Millionaire Investor," is based on a survey of more than 2,400 households with a net worth of $1 million to $5 million, not including primary residence (NIPR), conducted in December 2007. The data have a margin of error of plus or minus 1.9 percentage points.

Source: Spectrem Group

About Spectrem Group

Spectrem Group is a strategic consulting firm specializing in the affluent and retirement markets. It integrates proprietary research with expertise in building business, marketing and M&A strategies. Spectrem professionals have held senior management positions at leading global companies. Through a collaborative process, they create and implement practical and profitable strategies that fit the cultures of client firms.

Catherine S. McBreen and George H. Walper, Jr., Spectrem Group's Managing Director and President, respectively, are authors of "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio).

Copyright and All Rights Reserved
Internet Press Office and Concise Encyclopedia


Also of interest

Hypnotherapy and Hypnosis Questions and Answers, Hypnotherapy FAQs, Hypnotherapy Training, Hypnotherapy Courses

REIKI FAQS - Questions and Answers, Reiki Clinic, Reiki Training, Reiki Courses

You may link to this page. Copyright and all rights reserved Disclaimer

Becoming A Millionaire, One Million, Five Million? Business Opportunity, Entrepreneurship, Get Rich ... - Concise Encyclopedia.com