Viva La Difference

According to the Shullman Research Center Pulse, luxury, affluence, and wealth are defined by consumers and marketers, and this Brief provides selected insights regarding similarities and differences between American millionaire men and women (18+ in age). Millionaires are defined as those who report a personal net worth (total assets minus total debts) of $1 million or more, comprising about 9% of all adults. Based on the Bureau of the Census estimate of 236.9 million adults in the United States, and the survey results, there are about 20 million adults who fall into this millionaire category, of whom half are men and half are women. The millionaires described in this study are consumers with a personal net worth (their share of the household's net worth) of $1 million or more.

All millionaires do not think and behave alike, and averages do not tell the whole story, says the report. Except for the common denominator of their wealth, millionaires' views on a broad variety of topics differ widely by gender. These gender differences impact their financial goals, their concerns or worries, their optimism about the economy, their own personal financial situations, their spending plans, and more.

  • Nowhere is that more apparent than on the subject of having enough money to retire comfortably, with 40% of women millionaires citing this issue as one of their main worries, while only 12% of millionaire men share that concern
  • The same gap holds true for the Affordable Healthcare Act and its impact on the family, with 36% of the female millionaires being concerned, compared with only 20% of their male counterparts
  • The environment, being out of work and finding a good job, the value of the dollar against other currencies… all are mostly women's issues, while men are twice as focused as women on crime.

Men and women are distributed evenly among millionaires, but women tend on average to be a few years older than men:

Gender and Age

 

Gender

Millionaires

Total

Men

Women

   Men

50%

100%

0%

   Women

50

0

100

Age

 

   18 to 34

24

30

18

   35 to 54

41

35

47

   55 or older

35

35

36

Average (years)

 

 

48.3

46.2

50.5

Source: Shullman Pulse, February 2014

Millionaire men have a slightly higher average household income than women, who are concentrated in the $100,000-to-$149,999 household-income group.

Household Income

 

Income

Millionaires

Total

Men

Women

Under $25,000

0

0

0

$25,000 to $49,999

2%

5%

0%

$50,000 to $74,999

9

14

5

$75,000 or more (total)

88

81

95

   $75,000 to $99,999

17

21

13

    $100,000 to $149,999

26

9

43

   $150,000 to $249,999

29

35

23

$250,000 or more (total)

16

16

15

   $250,000 to $499,999

11

11

12

   $500,000 or more

5

6

4

Average

$183,000

$186,000

$181,000

Source: Shullman Pulse, February 2014

The average net worth among millionaire women is higher than among men.

Estimated Net Worth

 

Net Worth

Millionaires

Total

Men

Women

$1 million or more (total)

100%  

100%  

100%  

   $1,000,000 to $4,999,999

80

84

76

   $5,000,000 to $9,999,999

13

13

14

   $10,000,000 or more

7

3

10

Average

$3,074,000

$2,865,000

$3,285,000

Source: Shullman Pulse, February 2014

Regarding personal financial goals, there are striking differences between millionaire men and women. Women are more likely to aim at having enough money for retirement, emergency expenses, and daily living expenses, on keeping up with inflation and having guaranteed investments. Men are more focused on having personal control over their assets, on reducing debt, becoming rich, and making quick profits.

Selected Financial Goals

 

Financial Goals

Millionaires

Total

Men

Women

To have enough income for retirement

53%  

45%  

61%  

To remain financially independent

53

51

54

To have enough money for unexpected emergency expenses

45

39

51

To have enough money for daily living expenses

43

39

48

To have fun — a challenge

41

35

48

To keep up with inflation

41

34

48

To have personal control over your assets

34

39

29

To provide for your children's college expenses

31

33

29

To provide an estate for your spouse or children

30

30

30

To become financially independent

28

28

28

To avoid or minimize taxes

28

24

31

To provide protection for your family in case you die

27

24

30

To reduce your debts

24

35

13

To save/invest for some future "big-ticket" expenditure — a boat, an expensive vacation, appliances, etc.

20

17

23

To become rich

20

28

11

To improve your standard of living

19

21

17

To have guaranteed, fixed-return investments

17

12

23

To make quick profits

14

27

1

To buy a home

14

12

16

Source: Shullman Pulse, February 2014

Millionaire women are more likely than men have a variety of concerns. Having enough money to retire comfortably is their main worry (40% for women vs. 12% for men). They are also more concerned than men about the impact of Obamacare, being out of work and finding a good job, and threats against the environment. Men are more concerned than women about crime and (at the time of the interview) says the report, about how Washington would resolve the debt limit issue.

Considering their overall satisfaction with how things are going in their own lives, millionaire men are more positive than women at the level of being "satisfied" or better, but more women than men say they are "very satisfied."

Overall Satisfaction With Life Today

 

Satisfaction

Millionaires

Total

Men

Women

Very Satisfied or Satisfied (total)

74% 

82%

65% 

   Very satisfied

27

22

33

   Satisfied

46

60

33

Source: Shullman Pulse, February 2014

Men with $1 million or more in personal net worth are far more likely than their female counterparts to expect to spend more in the next 12 months assuming the U.S. economy improves, but very few men or women expect to spend "a lot more" compared with the past 12 months.

Forecasted Spending In Next 12 Months Compared With Past 12 Months

 

Spending

Millionaires

Total

Men

Women

Expect to spend more

37%

52% 

22% 

   A lot more

2

3

1

   Slightly more

35

49

20

Source: Shullman Pulse, February 2014

Among more than 100 consumer buying and activity plans tracked by the Shullman Pulse, traveling for pleasure tops the list of selected activities that millionaires plan for the next 12 months. Men tend more than women to plan to buy luxuries and to engage a financial advisor. Women's plans are focused more than men's on personal travel, making charitable donations, and saving for retirement and college-related expenses.

Selected Personal Plans For Next 12 Months

 

Personal Plans

Millionaires

Total

Men

Women

Travel for pleasure

85%  

81%  

88%  

Buy one or more luxuries

55

67

44

Make a donation to a charity/non-profit

41

25

56

Save/invest for your retirement

30

27

34

Save for a "rainy day"

25

23

28

Engage a financial advisor

22

32

13

Save for college-related expenses

18

15

21

Source: Shullman Pulse, February 2014

Finally, within the luxury category, luxury vacations top the list of millionaires' buying plans, and more than one third of the men plan on taking one, compared with about one quarter of the women. Men are more likely than women to plan on buying many of the luxury items listed, including fine jewelry, premium champagne, and fine art. Millionaire women are more likely than men to opt for designer clothing and accessories and luxury vehicles.

For more information from the Shullman Research Center, please visit here.





 

 

 

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