SOPHISTICATED INVESTOR - Profile
The 'middle-class millionaire' - Those with net worth of $1 million to $10 million reshape U.S. culture
By Thomas Kostigen, MarketWatch - Last update: 7:31 p.m. EST March 5, 2008
SANTA MONICA, Calif. (MarketWatch) -- Those with a net worth of between $1 million and $10 million -- that they have earned rather than inherited -- are being dubbed "middle-class millionaires," a group that has grown on the heels of the economic boom over the past couple decades.
Middle-class millionaires now account for 10% of the U.S. population, according Russ Alan Prince and Lewis Schiff, who coined the term for research purposes and a new book by that name. They studied almost 4,000 households to better understand attitudes, values and purchasing patterns.
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7.6% of American households, or 8.4 million households are middle-class millionaires
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The average middle-class millionaire works 70 hours per week
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Middle-class millionaires are five times more likely than the average worker to say they are always available for work
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89% believes that anyone can attain wealth through hard work
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62% believes that networking, or knowing many people, is the key to financial success
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Nine out of 10 middle-class millionaires say they made a bad career or business move, but almost three-fourths say that was crucial to their business success
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They are five times more likely than the average middle-class person to continue on in the same business course in spite an earlier failure
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65% of middle-class millionaires characterize their approach to negotiating as "doing whatever you need to do to win"
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They say they need a net worth of $24 million to feel wealthy, and $13.4 million to be considered rich.
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