Quote:
Originally Posted by se15679875
Yeah there is, I just didn't source my information.
Roughly 0.9% of the U.S. population has a liquid net worth of $1M+ not including primary residence. Slightly more than half of all millionaires have net worths between $1M and $10M.
If you look at the sub-population of rolex owners, something like 6% of Rolex owners are dollar millionaires which is greater than the general population (0.9%) as a whole but far less than 50%. It's not even close.
The vast majority of Rolex owners are not millionaires. I got this stat from one of Thomas Stanley's books titled "Stop acting rich and start living like a real millionaire"
The point of bringing up this statistic (within the context of the book) was to demonstrate the fact that real millionaires are far more frugal than middle class "aspirationals" seem to think (With Stanley's definition of "aspirational" being a middle class individual with $100k-$1M in net worth not including primary residence who tries to project an image of being wealthier than they really are)
Here's another interesting statistic -
The median amount paid for a watch by people with a net worth of > $5M USD is $300. Half of all pentamillionaires pay less than $300 for a watch and half pay more.
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Thomas Stanley is a quack. "The Millionaire Next Door" could have been the biggest waste of my time to read and the waste of $16 I've spent on a book. If people want to nickel and dime their way to being a millionaire by not spending a penny on clothes, luxury goods, or even a decent home, be my guest.
You may have noticed that he also gave a pass to those who's profession relies on image. High end sales, business executives, etc must look the part, I don't care that the ave millionaire drives a crown Vic or spends less than $300 on a watch. Those people look cheap because they are cheap regardless of what their balance sheet looks like.
Back to watches- Stanley doesn't take into account people owning multiple watches. So if you take x amount of millionaires (minus primary residence in the calculations) and divide them by the number of watches Rolex produces, it doesn't give you any more accurate information about millionaire or non-millionaire Rolex owners.