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Viva La Difference
by Jack Loechner, Tuesday, March 4, 2014 6:15 AM
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 GenderMillionaires 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 IncomeMillionaires 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
WorthMillionairesTotal 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 GoalsMillionairesTotal 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 SatisfactionMillionaires 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 SpendingMillionaires
Total Men Women
Expect to spend more37% 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
PlansMillionaires 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.