Hello Mp2003,
I've organized a digest of links to articles and reports which include
brief excerpts related to the habits of penta-milionaires.
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The Spectrum Group published a 20 page report:
Moving Up Market - A Comparison of Millionaires vs. Pentamillionaires
Countries Covered: United States
The price of this report is US $1,500.00 and it is available for
online purchase.
This report contrasts the major demographic, attitudinal and
behavioral differences between the two groups. It outlines product and
service requirements for financial services firms currently serving
investors with $500,000 to $1 million in net worth who wish to move up
to the $5 million market.
Source: Market Research Website
http://www.marketresearch.com/product/display.asp?ProductID=710470&ProdTypeID=2&SID=30359919-245461145-258879990&CatReturnURL=http%3A%2F%2Fwww%2Emarketresearch%2Ecom%2Fbrowse%2Easp%3FCategoryID%3D1427
You may also buy this report by the chapter and that way you only pay
for what you require.
Introduction (pp. 2 - 3) US $274.00
Overall Demographics (pp. 4 - 7) US $221.00
Assets (pp. 8 - 9) US $170.00
Financial Goals (pg. 10) US $109.00
Needs (pp. 11 - 12) US $151.00
Primary Providers (pg. 13) US $65.00
Primary Advisors (pp. 14 - 15) US $138.00
Advice (pp. 16 - 18) US $175.00
Internet Usage (pp. 19 - 20) US $136.00
Strategies for Moving Up Market/Summary (pp. 21 - 25) US $366.00
http://www.marketresearch.com/product/display.asp?SID=30359919-245461145-258879990&productID=710470&CatReturnURL=http%3A%2F%2Fwww%2Emarketresearch%2Ecom%2Fbrowse%2Easp%3FCategoryID%3D1427&SearchReturnURL=&StatURL=&kw=&curr=USD&View=sli
The price of this report is listed at $750.00 at the Spectrum Website.
http://www.spectrem.com/info_perspectives_detail.asp?report=31
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The Affluent Market – This report prepared by Packaged Facts includes
a wealth of information on marketing to the affluent population. Print
media preferences and affluent advertising is also included. The table
of contents to get a better idea of what is included in this report.
Price: US $1,375.00
Source: Market Research Website
http://www.newsletters.com/map/prod/112893.html
You may also buy small parts of this report and pay only for what
interests you.
http://www.marketresearch.com/product/display.asp?SID=30359919-245461145-258879990&productID=112893&CatReturnURL=http%3A%2F%2Fwww%2Emarketresearch%2Ecom%2Fbrowse%2Easp%3FSID%3D30359919%2D245461145%2D258879990%26CategoryID%3D1427%26Sort%3Ddate%26DocType%3Dall%26View%3Dfull%26Page%3D2&SearchReturnURL=&StatURL=&kw=&curr=USD&View=sli
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The U.S. Wealth Market:
274 Billionaires
350,000 $10,000 +
590,000 Penta-millionaires or super high-net-worth
2,360,000 High-net-worth ($1 million +)
19,000,000 Mass Affluent ($100k +)
“The wealthier a household, the more likely it is to use the Internet
to view stock quotes, research products, purchase goods, seek
financial guidance, trade stocks, or bank.
(..)
Today's high-net-worth individual cannot be captured by a single image
or stereotype. The source of his or her money might be an Internet
IPO, a job with a traditional corporation, an inheritance, or
investments in the stock market. He or she might be young or old;
urban, suburban, or rural; conservative or liberal. What
high-net-worth individuals do share is a mindset. They are people who
insist on top performance, speed and impeccable service. They believe
in the power of information and require immediate access to it
wherever they are.”
Source: High Net Worth Website
http://www.hnw.com/newsresch/hnw_market/index.jsp
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Another excellent resource is the HNW Wealth Newsletter. Register to
get a free subscription to the HNW Wealth Newsletter here:
http://www.hnw.com/user/register.jsp
Description:
The HNW Wealth News is the primary source of news and information on
the wealth marketing industry. This weekly e-Newsletter features
vetted articles and stories from nation-wide news sources focused
exclusively on the latest trends and developments in the
high-net-worth space.
“This highly valuable marketing resource/tool helps marketers keep up
with:
Trends, newly released studies and articles on the high-net-worth
consumer
News about industries and specific companies serving the
high-net-worth individual in the wealth management, philanthropy and
lifestyle markets
Specialized information about online and offline behavior of the
high-net-worth individual in the areas of wealth management,
philanthropy, and lifestyle
Developments in the high-net-worth marketplace
Events for wealth marketing industry professionals”
Source: High Net Worth Website
http://www.hnw.com/user/register.jsp
HNW offers a number of fee based reports as well.
http://www.hnw.com/newsresch/wps/index.jsp
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INTERESTS & HABITS OF THE AFFLUENT MARKET
Net Worth (Average) $3.7 million
“The affluent will travel extensively for business and pleasure. And
while they will dine out more often than at home, entertaining at
their residence remains an important part of their lifestyle. The
affluent will participate in at least three sports and are more likely
to play golf, ski, and go boating than any other demographic group. In
addition, the affluent spend in an excess of $2.1 trillion annually in
investments and securities. They are major purchasers of luxury goods
and services and will outspend less affluent groups by 400% or more.
http://216.239.53.100/search?q=cache:Tzh53Zs2K-EC:www.millionaire.com/media_kit/advertise_mag_demographics.html+Magazine+habits+of+the+affluent+&hl=en&ie=UTF-8
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In the article “The Wealth Revolution” by Leslie P. Norton the habits
of the penta-millionaire group are discussed.
“There are now 590,000 pentamillionaires in America, according to
Spectrem's estimates, up from 90,000 in 1994. Nor does the research
firm see the growth of pentamillionaires slowing anytime soon. By
2004, Spectrem projects that their number will rise to an astonishing
3.9 million.
(..)
A rich person in America is as likely to be a global business owner as
a family with inherited wealth or a dot.com entrepreneur. Their toys
are myriad: fancy golf clubs, $2,500 robot dogs, MercedesBenz
snowboards, BMW sport-utility vehicles, $70,000 entry-level Hummers.
It's to tap this demand that Ferrari, which builds 2,000 of its
fiercely elegant $150,000 roadsters each year, bought Maserati, which
makes twice that number of its deluxe $75,000 sports coupes.
(..)
By Spectrem's reckoning, 77% of households with $5 million or more are
headed by people 55 and up. Having achieved wealth, they're fixated on
philanthropy, wondering how much money to leave their children while
providing adequate incentives for the kids to lead successful lives.”
Source: The Gronki Website
http://www.groncki.com/barrons-nice.htm
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Jupiter Research offers this report:
Demographic Profile: The Mass Affluent Population Online
Report Summary
“Jupiter's Online Behavior and Demographics Reports provide data and
analysis on particular audience segments of the online landscape. This
report examines female Web users, segmented by income level and
presence of children in the household, including the size of the user
base, the most popular online activities and sites, womens' attitudes
toward online advertising, and online shopping patterns.
Key Questions:
What is the present and future size of the mass affluent population
online?
What types of spending and behavioral characteristics does the mass
affluent population demonstrate?
How does the mass affluent population differ from middle- and
low-income groups?
What are important factors necessary to acquire, sell to, and retain
the mass affluent population online?”
This report costs $195.00 and is delivered via e-mail.
Source: Jupiter Research
http://www.jupiterdirect.com/reports/mkt_ad/item/0,4061,2348685_1,00.html
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US High Net Worths 2001 - 132 Pages – Price US $3,215.00
Countries Covered: United States
http://www.marketresearch.com/product/display.asp?SID=30359919-245461145-258879990&productID=714145&CatReturnURL=http%3A%2F%2Fwww%2Emarketresearch%2Ecom%2Fbrowse%2Easp%3FSID%3D30359919%2D245461145%2D258879990%26CategoryID%3D1427&SearchReturnURL=&StatURL=&kw=&curr=USD&View=toc
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Frequent and fluent use of technology:
“High net worth individuals, regardless of their specific demographic
descriptors, share a propensity for high-tech solutions. Many are
users of the latest technology, and they expect the people and
organizations who engage them to do the same. Part of understanding
and addressing the needs of the high net worth audience is coming to
terms with their affinity for technology. They are the most prevalent,
habituated Internet users, interacting and transacting online more
than any other group, with 80 percent online penetration compared with
56 percent within the general population.”
http://216.239.53.100/search?q=cache:YyMSmdd3PK8C:www.cfincubator.org/downloads/HighNetWorth.pdf+demographics+of+pentamillionaires&hl=en&ie=UTF-8
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A recent publication dated March 2002 - The High-Net-Worth Landscape
and Opportunity - Prepared for the National Marketing Action Team
contains a large amount of relevant information. Here are a few
excerpts:
“The number of individuals with $1M+ investable assets will continue
to grow at 8% per year.
(..)
Source of Wealth: Researchers have found that only 15% of HNWIs became
wealthy primarily because of inheritance/trust funds, though almost
half received some inheritance. The wealthy are now more likely to be
self-made, most commonly through, entrepreneurial interests,
small-business ownership, investments, or earned income.
(..)
The highest percentage of U.S. decamillionaires live in the following
states (in descending order): California, New York, Texas,
Massachusetts, Illinois, Pennsylvania and Florida.
(..)
The wealthy are more likely to be married than the total population
(72% vs. 53%)
(..)
A significant number of high-net-worth individuals have grandchildren,
including almost half of all pentamillionaires
(..)
Online behavior of affluent individuals:
The wealthier the household the more likely it is to use the Internet
to seek financial advice, research products, trade stocks and bank.
(..)
97% of pentamillionaires report that they are active in teaching
family values to their children, and 60% report taking steps to
educate children specifically about their relative wealth.
(..)
61% of pentamillionaires are engaged in advancing their spiritual or
religious development
(..)
The wealthy more strongly identify with the Republican party than the
total population. 50% identify with the Republican party (vs. 29% in
the total population) and 26% with the Democratic party (vs. 40% of
the general population)
(..)
75% of high-net-worth individuals have at least one wealth management
advisor and are likely to have multiple different types of advisors
http://216.239.53.100/search?q=cache:CmEyobhsaFEC:www.cfincubator.org/downloads/HNW.ppt+demographics+of+pentamillionaires&hl=en&ie=UTF-8
Some consumers want ads for a mature audience As America ages, Madison
Avenue neglects 50-plus
“Folks over 50 are being hailed as the new yuppies -- about one-third
of the U.S. population but controlling three-fourths of the wealth.
They wield $ 1.7 trillion in annual buying power, according to
mature-consumer consultants Age Wave Impact. They have a stranglehold
over certain industries: 80% of luxury travel purchases, 48% of luxury
auto sales, 41% of all new car and truck sales, 77% of prescription
drug sales and 61% of over-the-counter drug sales.”
http://www.hnw.com/h.jsp?cid=1093
According to Thomas Stanley - author of "The Millionaire Mind" - on
habits of the rich, the average millionaire has a simple lifestyle,
works hard for his money and isn't flashy. They are not involved in
conspicuous consumption, they buy quality shoes, but they resole them.
Nearly half have their furniture refinished. If you buy furniture
that's good quality, you can have it for five generations.
http://realtytimes.com/rtnews/rtcpages/20000517_millionaire.htm
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Subscriber Profiles of Leading Magazines
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The Average Forbes Magazine Subscriber:
Average age 51
$275,000 Average household income
$2.0 Million average net worth
$1.7 Million average value of investment
67% Top management executives
45% CEOs/CFOs/COOs
33% on the board of directors of own or other company
http://www.hippodirect.com/datacards/Forbes_Magazine.doc
The Average Fortune Small Business Magazine Subscriber:
Average age 48.5
$148.324 Average household income
$1.1 Million average net worth
$355.300 average value of investment
http://www.venturedirect.com/pdf/printmedia_fsb.pdf
Ivy Reader Profile
Household Income: $148,800 median
Household Asset Value $1,302,100 median
Age 52.1 median
http://www.ivymags.com/#profile
Harvard Magazine Demographics
http://www.harvard-magazine.com/advertising/demographics.html
Subscriber Study Demo Highlights of Kiplinger Personal Finance
Magazine:
$1.5 Million average net worth
Kiplinger’s Personal Finance, with both the highest personal income
and fifth highest household income, provides advertisers with one of
the most affluent readerships in print media.
MEDIAN HOUSEHOLD INCOME - Top 10 Magazines
1. Inc. $92,817
2. Forbes $88,889
3. Architectural Digest $86,923
4. Conde Nast Traveler $86,417
5. Kiplinger’s Personal Finance $85,635
6. Skiing $85,496
7. Coastal Living $84,873
8. Fortune $83,042
9. Business Week $82,963
10. Scientific American $82,131
23. Money $78,044
38. SmartMoney $72,277
http://www.kipmediakit.com/image/pdfs/KipMK2002_logo.pdf
Red herring Magazine
Circulation Rate Base: 325,000 (Jan. 2001)
Frequency: Bi-Weekly
Reader Demographics 2001:
Male: 87%
Mean age: 45
Average household income: $176,200
Senior management: 45%
Average net worth $1,800,000
Number of RH subscribers with a net worth exceeding $1 million: 22%
http://www.larstan.net/profiles/red_herring.htm
http://www.sharpermedia.com/RHOverview.pdf
Readership Survey and Demographics
Source: Association Publishers Inc
http://reason.com/rsurvey.shtml
The Maddux Report Readership Survey
http://www.maddux.com/2002/October/Image/surveypages.pdf
The Mendelsohn Affluent Study – Business Week
http://mediakit.businessweek.com/a-m-mend.html
Subscriber Profile
http://mediakit.businessweek.com/a-m-nasub.html
Additional information that may interest you:
New Strategies Work Best with Today's Affluent The rich are not like
us; nor, it seems are they much like each other.
http://www.sapient.com/pdfs/industry_viewpoints/sapient_high_net_worth.pdf
Luxury, for one and all - Consumption trends analyzed.
http://www.hnw.com/h.jsp?cid=1099
For further reading:
The Natural History of the Rich: A Field Guide.
This book discusses the habits of the pentamillionaires.
http://www.usatoday.com/money/books/reviews/2002-11-03-richbook_x.htm
http://www.amazon.com/exec/obidos/tg/stores/detail/-/books/0393019659/reviews/002-7789571-7981607#03930196597297
Search Criteria:
penta-millionaire market, reports, studies, trends, habits
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viewing habits, demographics, advertising and marketing
marketing to the multi-millionaire
The Affluent Buyer: Profile & Preferences
Thank you for your question and I hope this response has provided you
with the information you were seeking.
Best Regards,
Bobbie7-ga |
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