7 defining differences between the ultra-wealthy and the 'millionaires next door'
- Not all high net worth individuals have the same approach to money.
- Ordinary millionaires tend to hold more of their wealth outside the stock market and within their home countries than the ultra-wealthy.
- Millionaires' fortunes are more stable than those of the ultra-wealthy, in part because of their investment choices.
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Not all high net worth individuals have the same approach to their money.The "millionaires next door" - those with net worths between $1 million and $5 million - manage and spend their fortunes quite differently than the ultra-wealthy, whose net worths exceed $30 million.
AdvertisementSome of the differences are superficial, like a preference for subtle displays of wealth over flashy labels. Others, like their preferred investment vehicles, can have substantial impacts on their fortunes.
1. The ultra-wealthy work because they want to, not because they have to.
2. When the ultra-wealthy do display their wealth, they prefer to do it subtly.Advertisement
3. If the ultra-wealthy retire at all, they do it later.
4. Millionaires next door are younger than the ultra-wealthy, on average.Advertisement
5. The ultra-wealthy favor riskier investments than millionaires.
6. Millionaires' fortunes are more stable than those of the ultra-wealthy.Advertisement
7. The ultra-wealthy are more likely to spread their portfolios across the globe.
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