More US Millionaires are Middle-Class - Survey

Christopher Owen

1 November 2007

The number of Americans with $1 million to $10 million has risen to 8.4 million households – or 7.6 percent of US households – and is growing at 15 per cent a year, But new millionaires adhere to middle-class values by earning their money rather than inheriting it, working 70 hours a week, and choosing neighbourhoods based on the quality of schools, according to a new survey by private wealth consultant Advanced Planning Group. Private wealth specialists Lewis Schiff and Russ Prince surveyed about 3,600 people – 600 millionaires and 3,000 middle-class people. Mr Schiff 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. He argues this new group has a strong influence on spending, shaping the habits of their middle class counterparts and impacting certain product sectors ranging from yachting to jewellery to handbags.