More than half of the country's wealthiest investors admit luck had something to do with obtaining their wealth.
Hard work and education are the top two contributors to attaining great wealth, according to a Spectrem study of the wealthiest investors in America.
The study - The $25 Million Plus Investor – details the demographics, attitudes and concerns of the approximately 132,000 investors in America with a net worth of $25 million or more, not including primary residence.
Eighty-seven percent of the wealthiest investors say “hard work’’ was a factor in their obtaining assets leading to their great wealth. That percentage has remained consistent over the last three studies done by Spectrem (done every 18 months).
“Education’’ was credited by 78 percent of investors, although that percentage has dropped from 82 percent in the 2010 study. Likewise, while 72 percent noted “smart investing’’ played a role, that number was 78 percent in the 2010 study.
Sixty-three percent of the wealthiest investors say “taking risk’’ played a role in their wealth status. While that is above half, it is well below the 76 percent who reported that same factor in 2010.
Other factors noted by at least half of all of the wealthiest investors were “frugality” (59 percent), “being at the right place at the right time” (56 percent), and “luck” (53 percent).
Only 46 percent credit running their own business as a factor in obtaining great wealth. Even fewer – 35 percent – credit “decisions made for me by my financial advisor” (although that percentage has climbed from 30 percent in 2010).
Finally, only 30 percent of the wealthiest advisors in the land credit “inheritance’’ for their wealth status.
In terms of their attitudes towards their wealth, 70 percent of all $25 Million Plus investors say saving and investing their money give them greater satisfaction than spending it.
Fifty-three percent say they are concerned about what their family’s next generation will do with the money passed on to them, and 49 percent say they attribute their happiness “in large part’’ to the wealth they have accumulated.
Only 23 percent admit to having constant worries about their financial situation.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.