The Millionaire Next Door: The Surprising Secrets of America's Wealthy is a 1996 book by Thomas J. Stanley and William D. Danko. This audiobook is a compilation of research done by the two authors in the profiles of millionaires. In this case they used the term "millionaire" to denote US households with net worths exceeding one million dollars. The authors compare the behavior of those they call UAWs (Under Accumulators of Wealth), and those who are PAWs (Prodigious Accumulators of Wealth). Their findings, that millionaires are disproportionately clustered in middle-class and blue collar neighborhoods, and not in more affluent or white-collar communities, came as a surprise to the authors - who anticipated the contrary. Stanley and Danko's audiobook explains why, noting that high-income white-collar professions are more likely to devote their income to luxury goods or status items, thus neglecting savings and investments.
©2017 Graham Archibald (P)2017 Graham Archibald