How do the wealthy or almost wealthy, spend their money?
Much the same way as the rest of us, but on nicer things. It's very important to note, however that they are usually rewarding themselves after a fairly frugal lifestyle. This group is 328% more likely than the average consumer to own a Cadillac (possibly reflecting the older age of this demographic, sorry GM), and 162% more likely to drive a Benz. They tend to be patrons of the arts and give much more to charity than the average. They are 127% more likely to be involved in civic issues than the typical consumer. They are voracious readers, with two of their favorite magazines being Kiplinger Personal Finance and U.S. News & World Report.
Of those that are substantially wealthy, with net worths exceeding $2 million, 11% are self employed, only 5% are retired, and nearly all have incomes in excess of $100,000, with most far above that figure. 81% have a college degree. While those affluent consumers in the previous group can be found throughout the U.S., those in this wealthy group are concentrated in the major metro areas such as NY, NY, Boston, San Francisco and Los Angeles. This group spends big bucks on home improvements. They are 333% more likely than average to spend $5,000 or more annually on home improvements to their palatial residences. If you're watching the U.S. Open and remember Wimbledon, you doubtlessly noticed that half the ads seemed to be for luxury cars or investment companies. There's good reason for that. Those in this demo really do spend quite a bit of time and money on golf and tennis, just like the stereotype says. They love good beer too. Their fav domestic is Sam Adams. Like the others in wealthy demographic groups, these folks spend substantial monies on charitable causes.
Read the entire Debt Free article here.
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