Middle Class Millionaire Habits

Marketwatch.com had an interesting article today on the views of America’s “Middle Class Millionaires” (MCM) - Those with net worth of $1 million to $10 million.

What was striking to me was that these MCM’s thought that you need $13 million plus to be considered rich! I would think $4 - $5 million would put you in the rich category – but then again I am not a MCM.

Here are some the findings from the Prince and Schiff report:

- 7.6% of American households, or 8.4 million households are middle-class millionaires

- The average middle-class millionaire works 70 hours per week

- Middle-class millionaires are five times more likely than the average worker to say they are always available for work

- 89% believes that anyone can attain wealth through hard work

- 62% believes that networking, or knowing many people, is the key to financial success

- Nine out of 10 middle-class millionaires say they made a bad career or business move, but almost three-fourths say that was crucial to their business success

- They are five times more likely than the average middle-class person to continue on in the same business course in spite an earlier failure

- 65% of middle-class millionaires characterize their approach to negotiating as "doing whatever you need to do to win"

- They say they need a net worth of $24 million to feel wealthy, and $13.4 million to be considered rich.

- Almost half of middle-class millionaires believe a child's academic achievements reflect one's success as a parent.

I think the findings and percentages would be consistent across most developed economies around the world. What are your thoughts on the above?