How Much Does It Take to be Rich? The Wealthy Say At Least $5 Million

Achieving Such a Fortune Is Focus of the New Book 'Get Rich, Stay Rich, Pass
It On: The Wealth Accumulation Secrets of America's Richest Families'

CHICAGO, Jan. 7 /PRNewswire/ -- How much money does it take to be
considered rich? It turns out that $1 million just doesn't cut it, anymore.
In fact, rich today requires at least $5 million, according to a new
survey of affluent households, defined as those with investable assets of
$500,000 or more. When asked how much money it takes to be rich, 45% chose
$5 million, 25% selected $25 million, and 8% picked $100 million, according to
the research by Millionaire Corner (http://www.millionairecorner.com), a newly
launched website powered by Spectrem Group. Only 22% said $1 million is
enough to be rich.
Achieving such wealth -- and holding onto it for generations -- is the
topic of a new book by Spectrem's Catherine S. McBreen and George H. Walper,
Jr. titled "Get Rich, Stay Rich, Pass It On: The Wealth Accumulation Secrets
of America's Richest Families" (http://www.getrichstayrich.net). Published
this month by Portfolio and available in bookstores now, the book is based on
years of research in addition to interviews with ordinary individuals who were
able to amass enough wealth to pass on to future generations.
"All you really need is to know how to use the same wealth-building tools
Carnegie and du Pont and all the other progenitors of sustainable fortunes
used," McBreen and Walper write. "They created the model but they didn't
patent it. It's available for your use, and this book is the operating
manual."
The authors found that the proper mix of entrepreneurial activities and
income-producing real estate is the key to achieving building perpetual
wealth. "Get Rich, Stay Rich, Pass It On" walks readers through not only the
theory but the practice of building sustainable fortunes. It not only lays
out the model, but provides exercises to help readers bring their own finances
into focus and determine what they need to do to develop perpetual wealth of
their own.
* * *
The data on how much it takes to be rich are based on 253 telephone
interviews conducted in December 2007, with a margin of error of plus or minus
6.2 percentage points. Interviews were conducted with the financial
decision-makers in households with $500,000 or more in investable assets.
About Millionaire Corner
Millionaire Corner (http://www.millionairecorner.com) is a website powered
by Spectrem Group that offers research-based articles, blog posts, podcasts
and other content designed to help individuals understand how to develop and
handle significant wealth.
About Spectrem Group
Spectrem Group is a strategic consulting firm specializing in the affluent
and retirement markets. It integrates proprietary research with expertise in
building business, marketing and M&A strategies. Spectrem professionals have
held senior management positions at leading global companies. Through a
collaborative process, they create and implement practical and profitable
strategies that fit the cultures of client firms.
Catherine S. McBreen and George H. Walper, Jr., Spectrem Group's Managing
Director and President, respectively, are authors of the new book "Get Rich,
Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest
Families" (Portfolio, January 2008).
SOURCE Spectrem Group

Sharon Bially, +1-774-270-1293, sharon@farrellkramer.com, or Farrell Kramer,
+1-201-768-5337, farrell@farrellkramer.com, both for Spectrem Group