KEY POINTS

  • 8 out of 10 millionaires come from families at below or middle-income levels
  • 62% of the millionaires surveyed went to public state schools
  • The survey found that millionaires are still careful about their spending habits 

Many people believe that the majority of millionaires today inherited their wealth from their rich parents, but a study has already debunked this.

Only 21% of millionaires inherited their fortune, according to the National Study of Millionaires, conducted from 2017-2018 by Ramsey Solutions. The study is considered the largest research study of millionaires ever, with over 10,000 millionaires interviewed.

Of the figure, only 3% received an inheritance at or above $1 million, while 16% inherited more than $100,000.

The study also found that most millionaires today were not born with a silver spoon in their mouth. Eight out of ten millionaires come from families at below or middle-income levels. Only 2% of millionaires surveyed said they come from an upper-income family.

The majority also did not go to elite universities. About 62% of the people surveyed went to public state schools, while only 8% went to prestigious schools.

If only a small percentage of millionaires received an inheritance, how do millionaires amass their wealth? Around 93% of those surveyed said they got their wealth because they worked hard for it, not because they had inheritance or big salaries.

The top-two answers to what contributed to their success were financial discipline and consistent savings.

The survey also found that millionaires are still careful about their spending habits. They build their bank accounts by staying out of debt and watching how they spend.

About 94% of the people surveyed said they live on less than they make, and nearly three-quarters of the millionaires have never carried a credit card balance their entire life.

The millionaires also said they spend $200 or less each month at restaurants. The majority of them, 85%, make a grocery list when shopping, and 93% of the people surveyed use coupons when shopping.

The majority of the millionaires in the study said they earned their money through long-term investments.

The richest man today is Tesla and SpaceX CEO Elon Musk. He has a net worth of $226 billion to date, as per Forbes.

Elon Musk's norm-defying conduct has come as little surprise to longtime watchers of the Tesla and SpaceX chief, who are accustomed to a constant stream of statements that flout or test convention
Elon Musk's norm-defying conduct has come as little surprise to longtime watchers of the Tesla and SpaceX chief, who are accustomed to a constant stream of statements that flout or test convention AFP / Angela Weiss
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