Demographic Profile of an Average American Millionaire
- 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.
- 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.
- Millionaires are paid for performance. They are generally self-employed (only 16% work for someone else).
- The gross revenues of most of these companies are 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.
Have a question for Dan or want to leave a comment? Click here.