‘Hard work’ was chosen by over ninety percent of Millionaires, however, only 86% of millionaires under the age of 45 made that selection, during Spectrem Group’s study Changing Investor Attitudes and Behaviors.
During the study millionaires were asked what factors aided in the creation of their wealth.
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Interestingly, only 23% of young Millionaires said ‘inheritance’ was a factor (compared to 31% of the total population) while 18% of young Millionaires said ‘family connections’ played a role (compared to only 8% of the total Millionaire group).
Among all age segments, the young Millionaires were most likely to credit ‘running my own business’ (27% to 18% of all Millionaires) and less likely to credit "frugality" (64% to 78% of the total population).
The young Millionaires were also more likely than the total population to credit ‘being in the right place at the right time’ (45% to 40% of all Millionaires).
Young Millionaires were much more likely to believe specific work was more responsible. While 83% of Millionaires said ‘smart investing’ was a factor in obtaining wealth, 91% of Millionaires under the age of 45 chose ‘smart investing’ as a factor.
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By GlobalData‘Taking risk’ was selected by 60% of the total Millionaire population, but 68% of young Millionaires said risk was a significant factor.
Young Millionaires were also more willing to admit luck had something to do with it. Forty-one percent of Millionaires under the age of 45 said luck was a factor, while only 36% of the total Millionaire population did so.
