Brokerage

‘Millionaire next door’ a different breed of buyer

Serving the ultrawealthy client

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Whether you are a luxury specialist or an agent who wants to provide the best customer experience for clients in any price range, understanding the psychology of the affluent will help you attract the highest-quality clients in your marketplace. When it comes to the luxury market, did you know that there are two fundamentally different types of luxury clients? The first category is "the millionaire next door," which Thomas Stanley and William Danko first described in their book of the same name. The second category is the "Richistanis," described by Robert Frank in his book, "Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich." The millionaire next door Ninety-two percent of today's millionaire's are self-made. When interviewed, they don't view themselves as being wealthy. Instead, they will tell you, "We're successful members of the middle class." "Millionaire next door" clients tend to be financially conservative and live within thei...