I was reminded of these facts by Craig Larson…
Apparently Thomas Stanley and William Danko wrote a book entitled: The Millionaire Next Door … The Surprising Secrets of America’s Wealthy. You should read it in order to understand a special breed of business person you are likely not. Do it!
In researching the book and then unleashing it upon the public’s senses, they (the authors, not to be confused, necessarily with that, otherwise, insidious and collective “they”) produced a portrait of who America’s millionaires are, and show that, by and large, these are quiet, understated, self-reliant Americans who are committed to hard work, education, and family.
The portrait shows that eighty percent (80%) of our millionaires are first generation affluent. To be clear, this means that less than half received no inheritance, and only nineteen percent (19%) get any income from a trust fund or estate.
Most Americans … In this case, defined at eighty percent (80%), are not self-employed. And, of those that are, two thirds are our nations millionaires. Think “Daddy Warbucks” (to whom I can often relate – but, you don’t know as much about as you thought you did until now – which also part of my point with this blog post).
Meanwhile, Seventy five percent (75%) of these self-employed millionaires are “entrepreneurs”, and the remaining quarter are self-employed professionals like doctors and accounts.
To be sure, we have high profile billionaires in America… However most of our millionaires are the nation’s bread and butter entrepreneurs and small business owners with annual incomes averaging two hundred and fifty thousand dollars ($250,000) annually.
These are overwhelmingly self-made individuals, by-and-large founders and proprietors of prosaic businesses that might include: welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers, paving contractors, etc.
For additional points of reference consider an other post of mine: Entrepreneurs, Intrapreneurs, and them Corporate Fellas.