Millionaires drive Corollas

Stanley found that the overwhelming majority of American millionaires are extremely thrifty. The #1 car driven by millionaires in America, for instance, is the Toyota Corolla. Most millionaires do not drive luxury cars, and most drivers of luxury cars are not millionaires.

In fact, the negative correlation with luxury goods is, in Stanley’s opinion, the main reason why most American millionaires have made their wealth in blue-collar businesses rather than white-collar ones. While he has encountered many millionaire lawyers and doctors, Stanley reports that millionaire blue-collar business owners outnumber them by at least an order of magnitude, and he theorizes that the savvy investment which characterizes millionaires cannot happen in the context of an upper-middle-class lifestyle, with the luxury spending and expensive trinkets such a life involves.

Kinda messes with the popular image of a millionaire, doesn’t it?

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