March 18, 2019
The Millionaires Among Us
Only 12.7% of the U.S. population are millionaires and 84% of those have a net worth of $1M-$2.5M. There are 19 million millionaire households in the United States and 30 million high net-worth individuals. When taking into consideration that many of these individuals own more than one home, it might make you wonder where the rest of them live. The most popular home value for high net-worth individuals comes in around $250,000-$500,000. This means that there are millionaires in homes that don’t even classify as “millionaire households.” About 43% of millionaires own one home and 8.5% own 5 or more homes. Most millionaires don’t see the value in owning more than one home.
Not all millionaires actually spend their money as they potentially could. The biggest difference between the wealthy is how they choose to spend their money and the reasons for why they spend it. The 43% that own one home are turning to that versus multiple homes and instead, spending their income in different ways such as traveling, experiences, or donations. They are also purchasing common vehicles like Toyotas and Hondas and turning away the typical “luxury vehicles.” Everyone has their own personal ways that they prefer to spend their money on, and so do they.
In the future, you can expect to see more of these high net worth individuals purchasing less expensive homes and following the lifestyle of experiences over materialistic items.