Of the ultra-wealthy who said they do not intend to stop working, 40 percent were over 65.
One thing that distinguishes the $25 Million Plus investor (other than the $25 Million Plus, of course) may be their work ethic, according to a new wealth level study conducted by Spectrem’s Millionaire Corner.
Nearly nine-in-ten (87 percent) of $25 Million Plus investors attribute their wealth creation to hard work. In comparison, only 21 percent credit family connections and only 30 percent cite inheritance.
While the average age of the $25 Million Plus investor is 58, a majority of respondents are still working. Nearly six-in-ten (58 percent) have not retired, while 20 percent report being semi-retired.
Six-in-ten report being two-income households. Of these, the highest percentage with two full-time income earners are under 55 years-old (76 percent). Across wealth levels, the wealthiest of these respondents with investable assets of at least $125 million are the most likely to have two-income careers (78 percent).
More than 70 percent of $25 Million Plus households work or did work more than 40 hours per week. Nearly 40 percent reported working more than 50 hours, while 18 percent work more than 60 hours per week.
This highest percent of $25 Million Plus investors surveyed (22 percent) list their occupation as an entrepreneur or business owner, which may be in part why, for many, retirement is not in the immediate plans. One-fourth report they plan to retire or semi-retire in more than 10 years, while one-third (34 percent) said they plan to retire in five-ten years. Of these, 41 percent are Baby Boomers ages 56-65, while 35 percent are 66 and up.
The latter age group is the most likely to say they will never retire. Of the 18 percent who said they do not intend to stop working, 40 percent were over 65.
Part of the legacy that $25 Million Plus investors endeavor to pass on to the next generation is their work ethic and a healthy money management mindset. Nearly 80 percent state that raising financially responsible children is a priority, while seven-in-ten do not want to allow their wealth to be detrimental to the work ethic, educational or career plans of their children or grandchildren.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.