Not all millionaires are trust fund babies. In fact 86% of millionaires are self made according to a recent study by Fidelity of 1,020 millionaires during March 2012.
That’s news to my ears! I’d like to reach millionaire status too, and this survey gives some clues about when and if I’ll reach that milestone.
What Does a Millionaire Look Like?
It may surprise you what a typical millionaire (both born wealthy and self made) looks like. Here are the results based on the 5th Fidelity Millionaire Outlook Survey
- Average assets $3.05 million in assets.
- Average age is 61 years old.
- 61% are married and never divorced. The book The Millionaire Next Door also confirms this trend.
- 57% are retired.
- 61 % male, 39% female.
Self Made Millionaires are Different
The stats for self made millionaires differ slightly when broken down.
- Average age is 62.
- Average assets $2.89 million.
- 69% use an advisor vs 75% of born rich millionaires.
How Did Self Made Millionaire Make Their Millions?
Based on this survey, self made millionaires made their money with investment/capital appreciation, compensation, and employee stock options/profit sharing.
What the survey didn’t reveal, is how many self made millionaires started their own businesses vs. being employees of company they didn’t start.
Top Investments Self Made Millionaires Added This Past Year
- Individual Domestic Stocks
- Money Markets, CD’s, Cash
- Individual Domestic Bonds
- Stock ETF’s
- Domestic Equity Mutual Funds
What Do I Learn From this Survey?
The main thing I learn from this survey is to be patient, I’ve got a few decades till I’m the age of the average self made millionaire. Staying married is key to becoming wealthy. I bet it’s because they married smart spouses–I did!
I’m also encouraged that becoming a millionaire CAN be done. A million dollars won’t be worth as much due to high inflation, but I think it will be enough to start with.
Use this millionaire calculator to see when you’ll hit millionaire status.
Do you believe you’ll be a millionaire someday? How do you intend to do that?
Photo Credit xbettyx (Creative Commons)