Across all wealth levels, being in the right place and luck are viewed as more tenuous wealth creation factors. The vast majority of Affluent Americans credit hard work, education, smart investing and frugality as the primary factors in their financial success. Risk, too, is seen as another significant factor among wealthier investors; among non-Millionaires not as much.
Among the high net worth investors surveyed by Spectrem’s Group, the eldest (over the age of 65) are the most likely to attribute their wealth to being in the right place at the right time and to luck (61 percent and 59 percent, respectively). Among Millionaires, these attitudes are shared near equally between seniors and the youngest respondents under 45.
Among non-Millionaires, it is the youngest investors under the age of 45 are substantially more likely than their older counterparts to credit their wealth to being in the right place at the right time and to luck (38 percent and 41 percent, respectively).
One thing about wealth, it enhances opportunities (and an appreciation) for both luck and being in the right place at the right time, according to wealth level studies conducted by Spectrem Group. Nearly six-in-ten (58 percent) high net worth investors with a net worth between $5 million and $25 million (not including primary residence) attribute their wealth to being in the right place at the right time, while 55 percent credit luck.
In contrast, 40 percent of Millionaires with a net worth up to $5 million attribute their wealth to being in the right place at the right time with 36 percent giving a nod to luck. Among non-Millionaire investors with a net worth of at least $100,000, 30 percent attribute their wealth to being in the right place at the right time as well as to luck.
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