The authors chose to focus on this segment of millionaires because this level of wealth can be attained in one generation and by many Americans. Of this small percentage, 95% of millionaires have a net worth between $1 million and $10 million.
Based on the author’s definition of wealth, only 3.5% of American households meet their criteria for status as a millionaire. According to the authors, wealth is what you accumulate and not what you spend. As opposed to what most Americans in our society believe, a measure of an individual’s material possessions does not necessarily equate to being wealthy. This is one distinction that the authors make in comparison to what most Americans might perceive is the definition of wealth. The authors define the threshold for being wealthy as having a net worth of $1 million or more. A survey of 1,115 high net worth and/ or high income respondents was also compiled. The research for The Millionaire Next Door was comprised of personal, as well as focus group interviews, with more than 500 millionaires. They have conducted research, written books, conducted seminars, and advised major corporations on whom the wealthy are and what are the characteristics of the affluent in America. Danko have studied how people become wealthy for over twenty years. The Millionaire Next Door How does one earn the title of wealthy? Authors Dr.
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