• by Jack Loechner , Staff Writer, March 4, 2014

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:

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

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

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.

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."

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.

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.

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.