We have found this is not the case.Īs a matter of fact, our trust officer friend spends significantly more for his suits than the typical American millionaire. They think millionaires own expensive clothes, watches, and other status artifacts. His view of millionaires is shared by most people who are not wealthy. He made these comments following a focus group interview and dinner that we hosted for ten first-generation millionaires. The person who said this was a vice president of a trust department. Where are the millionaires who look like millionaires? “Their surprising results reveal fundamental qualities of this group that are diametrically opposed to today’s earn-and-consume culture.These people cannot be millionaires! They don't look like millionaires, they don't dress like millionaires, they don't eat like millionaires, they don't act like millionaires - they don't even have millionaire names. Stanley-updating the original content in the context of the financial crash and the twenty-first century. This edition includes a new foreword by Dr. In fact, the glamorous people many of us think of as “rich” are actually a tiny minority of America’s truly wealthy citizens-and behave quite differently than the majority.Īt the time of its first publication, The Millionaire Next Door was a groundbreaking examination of America’s rich-exposing for the first time the seven common qualities that appear over and over among this exclusive demographic. They bargain-shop for used cars, raise children who don’t realize how rich their families are, and reject a lifestyle of flashy exhibitionism and competitive spending. They live next door.Īmerica’s wealthy seldom get that way through an inheritance or an advanced degree. Most of the truly wealthy in the United States don’t live in Beverly Hills or on Park Avenue.
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