Stanley and Danko found that “many people who live in expensive homes and drive luxury cars do not actually have much wealth.” Just as people act confident when they’re insecure, many people look rich when they have little in the bank or invested in appreciating assets. When you see a luxury car or SUV on the road, it’s probably not driven by a millionaire. The average price they pay for a vehicle is just $4,000 more than the average American spends. More than one-third of millionaires buy used vehicles, and more than half drive a vehicle that is more than two years old. Here is a closer look at these three surprising findings and specific steps you can take to become an unassuming millionaire: Most millionaires don’t care about looking rich 50% of millionaires didn’t inherit a cent from their parents. And lastly, most Americans with over a million dollars in net worth are not privileged people who inherited money.The median (50th percentile) net worth of a millionaire is $3.1 million with an annual household income of $250,000, but they spend like someone who makes only $85,000 a year (numbers are inflation-adjusted for 2023). Most Americans with over $1 million in net worth live way below their means.The typical millionaire lives in a neighborhood where they are outnumbered by non-millionaires three-to-one and half of millionaires live in the same house for at least 20 years.

For starters, most Americans with over $1 million in net worth rarely purchase fancy cars or homes.Thomas Stanley and William Danko conducted the most comprehensive study ever on wealthy Americans and discovered that the prevailing assumptions about millionaires are just plain wrong.

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