According to The National Study of Millionaires, most millennials (74%) and more than half of baby boomers (52%) believe millionaires inherited their wealth. But our study of millionaires blows that theory out of the water.
Here are the facts:
Only 21% of millionaires received any inheritance at all.
Just 16% inherited more than $100,000.
And get this: Only 3% received an inheritance at or above $1 million!10
Think about that: Most folks believe millionaires simply inherited their wealth, but the vast majority of millionaires didn’t get any inheritance at all—and those who did certainly didn’t get enough to make them millionaires!