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Demographic Profile of an Average American Millionaire

General Information



  • 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.




Home Life



  • 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.




Business



  • 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.


Author:.

President and Founder, Dynasty Business Building. For the last 25 years he has worked with over 2,000 different businesses in 50 different industries on effective methods to consistently control performance and improve growth, profit, cash flow and value. Dan�s clients are the recipients of numerous prestigious awards: Entrepreneur Business of the Year, SBA Business of the Year, Impact 100, PACE, Growth 100 and INC. 500 Fastest Growing Companies. Past Experience Executive Vice Presi...

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