Middle Class Millionaire
The Middle-Class Millionaire: The Rise of the New Rich and How They are Changing America (Doubleday) is a book that chronicles the evolution of America’s middle-class over the last twenty years, and at how a portion of the middle-class is pulling away from the rest by amassing significant wealth. Meanwhile, their values continue to make this group an important bellwether of the middle-class mood in America.
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| Author | Russ Alan Prince and Lewis Schiff |
|---|---|
| Country | United States |
| Language | English |
| Subject | Demographics |
| Genre | Non-fiction |
| Publisher | Doubleday |
Publication date | January 2008 |
| Media type | Hardback & Paperback |
Overview
Written by Lewis Schiff (The Armchair Millionaire) and Russ Allen Prince (Cultivating the Middle-class Millionaire: Why Financial Advisors Are Failing Their Wealthy Clients and What They Can Do About It) the book introduces an entirely new way of understanding why certain trends are gaining momentum and where that momentum will lead to next.
The book shows us how this subset of America, labeled the Middle-Class Millionaire, manages to thrive with one foot in the world they came from (the middle-class) and one foot in the world they now inhabit (the wealthy).
The Middle-Class Millionaire is based on extensive personal interviews with more than 3,500 American households in 2006. It provides a three-dimensional portrait of a previously unrecognized demographic group: the emerging affluent middle class.
Key concepts
Millionaire’s Intelligence: There are four behaviors that middle-class millionaires exhibit that appear to be linked to their success. These qualities have origins in classic middle-class values but they have applied them in uncommon ways.
The Influence of Affluence: Because the middle-class millionaire is both willing and able to try new things (products, services, places and ways to live, etc.) they are an important indicator for how the world might be changing in the years to come. As Milton Friedman, the Nobel Prize–winning economist, once suggested, when it comes to innovation, the rich work for the poor.
The Hierarchy of Values: It’s easy to understand where the new rich are going to have the greatest impact when you understand their hierarchy of values. They share them with the rest of the middle class.