Rich in America Part 3: How Do the Wealthy Live?

Tom Stanley wrote a book years ago “The Millionaire Next Door” that gives us a much better look at how “the rich” really live.

How do the wealthy live? Not as lavishly as most people imagine, according to the latest insights from Spectrem’s Millionaire Corner, which suggest that the trappings of wealth appear more impressive from a distance.

Less affluent investors are most likely to perceive the rich as living large, while high net worth investors ascribe a more middle class lifestyle to the wealthy, … How many cars does a rich person have? Investors with less than $100,000 are most apt to describe a rich person as owning three to four cars, while indisputably wealthy high net worth investors – those with $5 million or more to invest – are most likely to say a rich person owns two cars.

How many homes does a rich person own? Forty-three percent of investors with less than $100,000 – vs. 31 percent of the high net worth – indicate the wealthy own three or more homes.

How many vacations do rich people take each year? More than half (56 percent) of the less wealthy investors indicate a rich person takes four or more vacations a year.  Less than 36 percent of high net worth investors indicate a rich person takes so many vacations.

How do rich people make a living? Nearly 49 percent of investors with less than $100,000 perceive a rich person as having “so much money he or she does not need to work.” About 41 percent of high net worth individuals describe the rich as independently wealthy.

The less affluent are more likely than the high net worth to describe a wealthy lifestyle as carefree, 46 percent vs. 35 percent, respectively. The high net worth are slightly more likely that the less affluent to perceive a rich person’s lifestyle as intense, complicated or duty bound. How would you describe a wealthy lifestyle? 

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