Male and Female Millionaires Differ in Financial Situation, Outlook, Spending Plans

February 27, 2014

This article is included in these additional categories:

Household Income | Men | Retail & E-Commerce | Women

Shullman-Differences-Male-Female-Millionaires-Feb2014Survey results from the Shullman Research Center indicate that about 9% of US adults qualify as being millionaires (personal net worth of at least $1 million). But while these adults are bound into a single category by their wealth, they are by no means homogenous in their financial situations, outlooks and attitudes. And that’s particularly the case in an examination of how males and females differ.

On a pure demographic basis, the survey results indicate that millionaires are split evenly between men and women, but male millionaires tend to be younger than their female counterparts. Some 30% of male millionaires are aged 18-34, compared to 18% of females falling into that age bracket. Overall, women millionaires have an average age of 50.5 years, compared to 46.2 for men.

Male millionaires also tend to have a slightly higher average household income (HHI), averaging out at $186,000 compared to $181,000 for women. That’s largely due to a plurality 43% of females having an HHI in the $100,000-$149,999 range, while a plurality 35% of male millionaires are in the $150,000-$249,999 range.

Interestingly, female millionaires have about a 15% higher average net worth than their male counterparts (~$3.29 million vs. ~$2.87 million), although millionaire men report considerably higher liquid assets (~$2.31 million vs. $1.88 million).

These differing financial profiles may affect their outlooks. For men, the top financial goal is remaining financially independent (51%), while for women it’s having enough income for retirement (61%). As for other goals, millionaire men are much more focused on reducing debts, becoming rich and making quick profits, while women are more interested in having enough money for daily living expenses and for unexpected emergency expenses. They’re also twice as likely to want to have guaranteed, fixed-return investments.

Interestingly, while women are slightly more likely than men to believe that the US economic is doing better than a year ago (54% vs. 49%), men are about three times more likely to be very optimistic about the economy (26% vs. 9%).

That may be why they are more buoyant about their future spending plans: some 52% of millionaire men expect to spend more in the next 12 months, compared to only 22% of millionaire women.

That translates also to spending plans, with men roughly 50% more likely than women to say they’ll buy one or more of 14 luxuries listed (67% vs. 44%). Some of the biggest gaps related to spending plans for a luxury vacation (38% men; 26% women), buying a piece of fine jewelry costing $500 or more (26% men; 15% women), and buying find/premium champagne/sparkling wines (21% vs. 6%). Women, though are more likely to spend on a luxury car, SUV, or truck (18% vs. 11%). To recap, millionaire men are more likely to splurge on jewelry, while millionaire women are more likely to spend more on luxury vehicles. So long, stereotypes…

See here for the states that have the most – and fewest – millionaires per capita.

About the Data: The insights and data presented in the report are based on the Shullman Luxury, Affluence and Wealth Pulse, Fall 2013 Preview Wave, conducted online between August 20 and August 27, 2013, among adults age 18 or older.

Five sample groups were surveyed: in addition to a representative national sample of adults (500 interviews), four household-income segments were targeted to obtain the following number of completed interviews:

  • $75,000 to $149,999: 256 interviews
  • $150,000 to $249,999: 253 interviews
  • $250,000 to $499,999: 253 interviews
  • $500,000 or more: 251 interviews

Additionally, 496 respondents ”” 263 men and 233 women ”” in this survey wave reported that their net worth was $1,000,000 or more and constitute the basis for the latest report.

Results were weighted to bring the income groups, as well as other key demographics, into line with estimates from the March 2012 Current Population Survey as reported by the Bureau of the Census in the fall of 2012.

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