'Middle-class millionaires' (net worth $1 million to $10 million) now 10% of the U.S. population [View All]

[Cruzan]

Those with a net worth of between $1 million and $10 million -- that they have earned rather than inherited -- are being dubbed "middle-class millionaires," a group that has grown on the heels of the economic boom over the past couple decades.

Middle-class millionaires now account for 10% of the U.S. population, according Russ Alan Prince and Lewis Schiff, who coined the term for research purposes and a new book by that name. They studied almost 4,000 households to better understand attitudes, values and purchasing patterns.

Their findings include:

• 7.6% of American households, or 8.4 million households are middle-class millionaires
  
  
• The average middle-class millionaire works 70 hours per week
  
  
• Middle-class millionaires are five times more likely than the average worker to say they are always available for work
  
  
• 89% believes that anyone can attain wealth through hard work
  
  
• 62% believes that networking, or knowing many people, is the key to financial success
  
  
• Nine out of 10 middle-class millionaires say they made a bad career or business move, but almost three-fourths say that was crucial to their business success
  
  
• They are five times more likely than the average middle-class person to continue on in the same business course in spite an earlier failure
  
  
• 65% of middle-class millionaires characterize their approach to negotiating as "doing whatever you need to do to win"
  
  
• They say they need a net worth of $24 million to feel wealthy, and $13.4 million to be considered rich.

Prince and Schiff also found that almost half of middle-class millionaires believe a child's academic achievements reflect one's success as a parent. Seventy-five percent of this group chose their home because of its school system. And only 14% of them trust the government.

This separates middle-class millionaires from the middle class in general: Only 16% of middle-class households were ready to put their own reputation on the lines when it comes to their kids' academic record, according to Prince and Schiff. More than half of middle-class households chose their homes because it was close to work. And an almost equal amount believes the government has their back, Prince and Schiff say.

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