12 Valuable Facts about Millionaires
Car of millionaires
The preferred car of millionaires is a Ford. Cadillacs are second and Lincolns are third. Many millionaires avoid high-priced cars in favor of a more economical set of wheels because cars are investments with little return.
Opportunity cost
Smoking three packs of cigarettes over 46 years has a significant opportunity cost. If a person invested and reinvested just that cigarette money over those 46 years, he or she could create a portfolio worth over $2 million. Researchers note that the value of a small amount of money over time can be significant.
Modern American millionaires
Most modern American millionaires today (about 80%) are first-generation millionaires. Usually, the fortune they build will dissipate by the second or third generation.
Ideal occupations
Many millionaires think that the ideal occupations for their kids are accountants or attorneys. Tax advisors and estate planning experts are also in the top of the list.
1% of earners
A 2010 study argues that millionaires (those in the top 1% of earners) pay approximately 40% of all taxes in the United States.
Businessman of the Year
Ingvar Kamprad was once denied entry at a gala when he showed up to receive a Businessman of the Year Award because he had arrived via bus.
Millionaire
The term “millionaire” was first used in French in 1719 by Steven Fentimen. The first time the term was printed in America is believed to be in the obituary of Pierre Lorillard II, a tobacco manufacturer, in 1843.
First African American woman
The first African American woman to make it onto billionaire lists is Oprah Winfrey, who is worth approximately $2.7 billion.
Million millionaires
In 2008, there were 10 million people around the world who were classified as millionaires in U.S. dollars.
The Millionaire Next Door
According to the book The Millionaire Next Door, only 20% of millionaires inherited their wealth. The other 80% earned their cash on their own.
Retirees millionaires
Only 20% of millionaires are retirees. Around 80% still go to work.
Half of all millionaires
Half of all millionaires are self-employed or own a business. Around 80% of millionaires are college graduates. Only 18% of millionaires have Master’s degrees. Eight percent have law degrees, 6% have medical degrees, and 6% have PhDs.