“More U.S. millionaires are middle-class”
Fascinating to read,
Private wealth specialists Lewis Schiff and Russ Alan Prince found 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.
But instead of entering the echelons of the elite, these 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.
“These are middle class people who are in the community and don’t insulate themselves but they are different because they have managed to accumulate wealth,” said Schiff, the president of private wealth consultant Advanced Planning Group.
Funny, and here I thought everyone was falling behind in the Bush economy! More,
Schiff and Prince surveyed about 3,600 people – 600 millionaires and 3,000 middle-class people – to research their book “The Middle Class Millionaire: The Rise of the New Rich and How they are Changing America” due out next February.
They found that 89 percent of middle-class millionaires believed anyone could attain wealth through hard work.
Don’t tell that to the Teddy Kennedy’s (multi-millionaire through no work what so ever) of the world!
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.
Nearly eight out of 10 – or 77 percent – choose their neighborhood based on the quality of the school system.
Remember when a million was a lot of money? God Bless America!
— The Ace