Know Your Millionaire:
Since the 1990s, the number of millionaires in the United States has increased exponentially and is only expected to keep growing in the upcoming years. Millionaires have become very diverse and can no longer be defined by one persona.
Sales, marketing, and fundraising professionals now have the dizzying challenge of marketing to both the “traditional” millionaire of days past and the many distinct types of “modern” millionaires.
With the explosion in the volume of buyers and donors comes the necessity of knowing as much as you can about them. It is crucial to understand the spend or giving capacity of a buyer, donor, or prospect so that you know how to properly engage with them. If you don’t understand the capacity of person, you are missing key personalization and sales or fundraising opportunities. The good news is that is it easy to understand your millionaire with the right data.
The 2018 Millionaire Statistics
The following report details millionaires with a net worth greater than $1 million in the United States. They are identified based on their investable assets, real estate, charitable donations, and other financial indicators. Millionaires make up approximately 7% of the adult population of the U.S. The analysis contained here is based on the adult population over 21.
Understanding the Millionaire
Not all millionaires are created equal. As the millionaire population has exploded and wealth has spread across multiple generations, there is no longer one millionaire persona. Their lifestyles, savings, and buying patterns are incredibly diverse. Some prefer experiences and travel, some are environmentally conscious, and others are traditional hard goods buyers and collectors. The status conscious trend followers also still exist, aggrandized and exposed for all to follow in the age of social media.
Board membership indicates a lifestyle of outreach, giving, and philanthropy. It is also an indication of high potential spending. Board members are a subset of millionaires who are influencers, not just for the organizations they represent but for communities, industry sectors, and the nation.
36% of multi-millionaires are business owners. This indicates a powerful connection between business ownership and higher wealth.
Buying and giving patterns change with age. A 40-year-old millionaire requires different messaging and attention than a 60-year-old. Both segments are vital to the bottom line, one for its current wealth and high spend, and one for its potential and considerable impact on long term growth.
Millionaires and Their Cars
Millionaires in the United States have unique vehicle tastes. You might think Ferrari, Lambourgini and Teslas would make on top of the charts, but here are the car makes and models that really popular among these wealthy individuals. Mercedes-Benz is the most popular car make for this group, and the Mercedes-Benz E Class is the most popular car model.
Historically, millionaires have always held property in traditionally wealthy locations. However, with the unprecedented growth in the millionaire population, these locations have expanded and diversified. The traditional streets and avenues of wealth still exist, but there are many more untapped pockets to discover.
The 16 million U.S. millionaires have tremendous buying and giving power. While they are a small subset of the entire U.S. population, they are the influencers and market leaders we all watch. This population is comprised of the “Super Spenders,” demi-billionaires, and multi-millionaires whose spending and philanthropic habits influence our entire economy. The millionaire population is more diverse now than at any other time in history, affording great sales and fundraisers.
The data highlighted in this report is a small sample of what capabilities exist for uncovering the millionaires you are already engaged with, or want to be engaged with. Behind each chart and statistic are millions of buyers and donors ready to move. The millionaire next door is waiting for the right message, product, or offer to come their way. What will you say to the Millionaire next door?