Not at any time during the past thirty years have I found that the typical millionaire had more than 30 percent of his wealth invested in publicly traded stocks. But you can, for example, control your own business, private investments, and money you lend to private parties.
Many a millionaire has told me that true diversity has much to do with controlling one’s investments no one can control the stock market. One of the reasons that millionaires are economically successful is that they think differently. Since 1980 I have consistently found that most millionaires do not have all of their wealth tied up in their stock portfolios or in their homes.
I replied that the millionaire next door is still alive and kicking even today in this recession. She wanted to know if the millionaire market is dead given the recent reversals in the market value of stocks and homes. “Their surprising results reveal fundamental qualities of this group that are diametrically opposed to today’s earn-and-consume culture.” - Library JournalĪ reporter recently asked me about the changes I have noticed among the American millionaire population since the current economic meltdown. 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.
How do the rich get rich? An updated edition of the “remarkable” New York Times bestseller, based on two decades of research ( The Washington Post).
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