
I found
this article on how more millionaires are choosing more modest lifestyles.
But is it because millionaires care less about the big toys or is it because millionaire are simply becoming more common place?
There seems to be conflicting data on how many millionaires are in the US.
This study shows that in 2007, one-out-of every 200 Americans is a millionaire and it's expected that one-out-of-10 people will be millionaires within the next decade!
However private wealth specialists Lewis Schiff and Russ Alan Prince say the "number of Americans with $1 million to $10 million had risen to 8.4 million households -- or 7.6 percent of U.S. households -- and was growing at 15 percent a year".
As of 2007, the median home cost in America is over a quarter million dollars and a condo in New York city costs well over a million dollars. I wonder, how long will it be until we see billboards like the one above?
HERE ARE A COUPLE INTERESTING FACTS ABOUT THE NEW RICH
** M
ore and more Americans worth at least $1 million want luxury goods such as yachts but otherwise lead family-focused, work-oriented lives. New millionaires adhere to middle-class values, earning their money rather than inheriting it, working 70 hours a week, and choosing neighborhoods based on the quality of schools. ** 89 percent of middle-class millionaires believed anyone could attain wealth through hard work. ** Middle-class millionaires are almost three times as likely as the average middle-class person to choose a career based on its likely earnings, three times as likely to belong to a networking group, and five times more likely to say they are always available for work by phone or email.
** He said the four main characteristics of a millionaire were that they were hard working, networked, persistent even in the face of failure, and put themselves in the flow of money.
"You could be a hard-working, dedicated chemistry teacher but you will never create wealth in that way," he added.*** TO READ THE WHOLE ARTICLE, CLICK HERE ***