A new report on millionaires is out and I found it on Yahoo. It gives all sorts of facts on millionaires. The items I thought were most interesting were:
- The number of American millionaires rose to a record level last year, and they're disproportionately located in four counties in California, according to an analysis released Tuesday.
- Nationwide, households with a net worth of at least $1 million excluding primary residences rose 8 percent to a record high 8.9 million, according to an annual report by TNS Financial Services, a market research and polling firm.
- The firm's survey found that the millionaire households had an average net worth, excluding principal residence, of nearly $2.2 million, of which more than $1.4 million was in liquid, or investable, assets.
- Their overall debt levels, meanwhile, fell by 8 percent, from $179,000 to $165,000.
- TNS found the median age of the head of millionaire households is 58, and 45 percent are retired. Roughly 19 percent own in whole or part a professional practice or privately held business.
- Over 50 percent of the millionaires surveyed said they had become more conservative in their investment approach over the past year. Their wealth is the result of long-term wealth accumulation.
Interesting that the median age is so young -- below 60 even. I would have thought it would have been higher.
My favorite part of the piece is the quote: "Their wealth is the result of long-term wealth accumulation."
That's the way to do it. Slow, steady progress over a long period of time can make you very, very wealthy.
Good info! That is motivating...and it's good to know I'm on the right path.
Posted by: Tim MMF | April 05, 2006 at 04:13 PM