Most Millionaires say their marriage has helped them build wealth. Learn more about the women – or man – behind the millionaire.
Ultra-wealthy investors give their spouses lots of credit for their financial success, according to Millionaire Corner research on households with wealth exceeding $25 million. Who is the woman – or man – behind the millionaire?
More than three-fourths of the heads of $25 million plus households are married, according to our research, and 72 percent indicate that marriage to their current spouse has helped them increase their wealth. Yet, one-in-five of these spouses is a full-time homemaker, making a Millionaire’s better half more likely to be a homemaker than any other type of occupation. Older couples are even more likely to have a spouse who is a full-time homemaker (34 percent).
“These findings confirm previous studies linking a lasting marriage with wealth,” said Catherine McBreen, president of Millionaire Corner. “Obviously, married couples avoid the negative financial consequences of a divorce, but our results also suggest that a stable domestic partnership supports smart investing and a sensible balance between risk and reward.”
The majority (56 percent) of $25 million plus households are supported by only one-full worker, according to our $25 Million Plus Investor 2012 report. Older households – those with members ages 66 and older - most commonly report one full-time worker (61 percent), while younger investors, those ages 55 and younger, are more likely to be supported by two incomes (56 percent).
What’s the second most common occupation for a Millionaire’s spouse? Thirteen percent of spouses are entrepreneurs or business owners. The share of spouses who are entrepreneurs is highest (18 percent) among the youngest $25 million plus households. Third most common are accountant (6 percent) and senior corporate executive (6 percent). Consultants and medical professionals each account for 5 percent of spouse in $25 million plus households.
(The head of a $25 million plus households is most likely to be an entrepreneur (27 percent), senior corporate executive (15 percent), manager (7 percent), consultant (6 percent), investor (6 percent) or medical professional, such as physician or dentist (6 percent).
Ultra wealthy investors tend to see themselves as coming from relatively modest backgrounds, rating their parents as “49” on a sliding-scale with zero signifying “poor” and 100 signifying “wealthy.” They see their spouses as coming from even more modest backgrounds, rating their spouses’ parents as “41” on the scale.
How many children do millionaires tend to have? Most commonly $25 million plus households have two children (31 percent), though 19 percent have three, 16 percent have one, and 21 percent have no children. Most millionaire investors (59 percent) have no grandchildren.