50% of millionaires didn’t inherit a cent from their parents. And lastly, most Americans with over a million dollars in net worth are not privileged people who inherited money. The median (50th percentile) net worth of a millionaire is $3.1 million with an annual household income of $250,000, but they spend like someone who makes only $85,000 a year (numbers are inflation-adjusted for 2023). Most Americans with over $1 million in net worth live way below their means.The typical millionaire lives in a neighborhood where they are outnumbered by non-millionaires three-to-one and half of millionaires live in the same house for at least 20 years. For starters, most Americans with over $1 million in net worth rarely purchase fancy cars or homes. Thomas Stanley and William Danko conducted the most comprehensive study ever on wealthy Americans and discovered that the prevailing assumptions about millionaires are just plain wrong.
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