America is the land where dreams can become reality, if you are willing to work for it. It would seem that many are living the dream, but the fact is, the ones you see on TV and in magazines make up less than 5% of the people with actual wealth. The majority of the wealthy population are far from famous and you may live right next to one for years and never know it. These researched facts will give you a better understanding of how wealth is divided among the American population.
Less than 5% of the American population are wealthy, 35% are considered working middle class, 50% are considered working lower class and 10% are considered to be poor.
America is home to over one million millionaires and more than 70% were born poor. They live in average neighbourhoods, in average homes, do not drive luxury cars and have never spent more than $100 for a pair of shoes.
More that 50% of the people who took personal finance training classes in college are home owner and have over $70,000 in saving by the age of 40. Close to 60% of the people who have never taken a financial class have less than $20,000 in savings and only 10% are home owners.
People born in other countries make up more that 70% of the millionaires in America. An immigrant is more likely to retire wealthy than someone who born and raised here. They tend to save more of their income and better at managing their personal finances overall.
Most of the people who own a home in the $500,000 to $1,000,000 range will never be rich and end up paying more than $1.5 million for their home.
Less than 10% of people who work for someone else ever becomes wealthy and more than 90% of the population are in this bracket. More than 70% of millionaires are entrepreneurs and own their own businesses.
That’s a lot of percentages and numbers, I hope you make sense of it!