Spectrem Group’s study Social Media and Mobile Technology in Financial Decisions shows that only 1 percent of the Millionaires are under the age of 36, but it also shows that the youngest age group is making an average income of $270,968, the highest average income of any age segment.
The average income of all Millionaires is $154,614, so those youngsters are approaching twice the average.
Forty-three percent of Millionaires are over the age of 64, and 42 percent are between the ages of 55-64. However, among the oldest Millionaires, the average income is $125,253, and among the 55-64 age group the average income is $158,804.
As age increases, income decreases. From the top of $270,968 among the youngest Millionaires, those between the ages of 36 and 44 make $227,926, and those aged 45 to 54 make $216,754.
Only 5 percent of all Millionaires are under the age of 45. Eleven percent are between the ages of 45 and 54.
While income decreases as age increases, average net worth is highest among the older Millionaires. Among those 65 and over, the average net worth is $2,438,000 and among those aged 55 to 64 it is slightly higher at $2,477,000. For the most part, average net worth falls as age decreases, down to the average Millionaire income for those under the age of 36 at $2,162,000.
The average net worth for Millionaires aged 36 to 44 is actually slightly below the 35 and under crowd at $2,152,000.
Fifty-four percent of all Millionaires are retired, 10 percent are semi-retired and 36 percent are still working full-time.
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