Money can't buy you love, but love can bring you money, according to the millionaire mindset on marriage. Learn more.
What’s the current millionaire mindset on marriage? New Millionaire Corner research shows that investors with more than $25 million to their name overwhelmingly believe that love can bring you wealth, as well as happiness.
More than 70 percent of $25 million plus investors answered affirmatively when asked, “Do you believe marriage to your current spouse has helped you increase your wealth?” according to our recently published $25 Million Plus Investor 2012. Older millionaires – those ages 66 and older – are even more likely to credit their marriage with improving their fortune. More than three-fourths of the older group sees a link between their marriage and increased wealth.
Previous Millionaire Corner research has found that more affluent families enjoy higher marriage rates. According to Catherine McBreen, president of Millionaire Corner, the factors associated with buildng wealth - hard work, education and frugality - also create successful marriages and other types of partnerships.
What other factors contribute to the millionaire mindset on marriage? Our research shows that $25 million plus investors enjoy relatively high marriage rates and are likely to have children. More than three-fourths (76 percent) are married and have children, most commonly two (31 percent), though 21 percent has no children, 16 percent has one child, 19 percent has three, and 13 percent have four or more. Marriage rates are highest (89 percent) among older investors, who are also more likely to be widowed, and less likely to be divorced, living with a partner, or single and never married.
Not only are $25 million plus investors likely to express traditional attitudes and behaviors toward marriage, they are also a relatively well-educated and hard-working group. In fact, 24 percent indicate they plan to never retire and only 27 percent are currently retired despite their wealth and mature ages. More than one-third (36 percent) are ages 66 or older and 26 percent are ages 56 to 65.
All indicate that they have graduated from high school, and 93 percent have earned a college degree. Nearly 30 percent has earned an MBA, reflecting the entrepreneurial bent of the millionaire mindset. The most common occupation for the head of a $25 million plus household is entrepreneur or business owner (27 percent). Second more common is senior corporate executive. Spouses are most likely to be homemakers (20 percent), or entrepreneurs and business owners (13 percent).
What’s the biggest personal concern of $25 million plus investors? Again, the millionaire mindset turns to family. More than three-fourths (78 percent) cite the well-being of their children and grandchildren as their top worry, followed by raising financially responsible children (73 percent) and the health of their spouse (71 percent).