Who’s most likely to be worth $25 million or more? Find out the professions most common among members of the millionaires club.
Just five walks of life account for more than 60 percent of Americans with more than $25 million. What occupations are most likely to make it into the Millionaires Club?
The largest share of investors in the Millionaires Club are entrepreneurs or business owners, who account for 27 percent of investors with $25 million or more, according to a Spectrem’s Millionaire Corner study. Senior corporate executives make up the second largest share, accounting for 15 percent of ultra wealthy Americans. Managers are third with 7 percent of the share, while investors make up 6 percent. Medical professionals (physicians and dentists) account for another 6 percent.
The occupations may share top-five wealth status, but they differ in their approach to building wealth. A Millionaire Corner study of Millionaires with a net worth of $5 million up to $25 million shows that entrepreneurs and business owners are more likely to attribute their wealth to “taking risk.” Three-fourths of entrepreneurs credit their success to risk, compared to 58 percent of professionals, such as doctors, lawyers, dentists and accountants.
The professionals, in comparison, largely credit their wealth to their education. More than 96 percent identify their education as a key factor in their success, while 81 percent of entrepreneurs and business owners attribute their wealth to education.
Senior corporate executives are the most likely to credit their success to hard work. Nearly all (99 percent) identify hard work as a significant wealth creation factor. Our research also finds that professionals are most likely to perceive frugality as an important strategy for building wealth. Eighty-nine percent of professionals credit frugality, compared to 69 percent of professionals and 58 percent of entrepreneurs and business owners. The latter group place the highest premium on “being in the right place at the right time,” while serendipity is a viewed a wealth-building factor by only 56 percent of professionals.
The diverse members of the Millionaire Club seem to agree on one thing. More than 80 percent of all five groups see “smart investing” as a viable way to become a member of the millionaires club.
If you want to join the Millionaires Club through smart investing, the correct financial advisor can help you do that. To find a trusted professional advisor, take a look at Millionaire Corner’s Best Financial Advisors service.