Members of this group created the bulk of their wealth themselves, either through entrepreneurial enterprises or investing. (Only a small percentage of the wealth came from inheritances). Forty percent of the respondents are under 50 years old, 20 percent are in their 50s and the rest are 60 or older. They are overwhelmingly male (81 percent), married (83 percent), white (96 percent) college graduates (89 percent). Eight percent say they grew up in a poor family; 6 percent say they were raised with wealth. Thirty-six percent say they are of middle-class origins; the remainder is evenly split between those reporting a lower-middle-class background and those reporting an upper-middle-class upbringing.

Business Succession
With trillions of dollars’ worth of family businesses set to change hands in the coming decade, one of the principle concerns for affluent entrepreneurs is planning for either liquidity events or the intergenerational transfer of the family firm. Planning for these events takes years, and wealth managers who advise entrepreneurs often complain that they cannot focus their clients’ attention on these matters enough to make the important decisions and communicate them to their families. Indeed, only 50 percent of the 166 survey respondents who founded their own business say they have a well-defined business succession plan for their company in the event of death or injury, and only 30 percent of those wealth creators say they have clearly communicated that succession plan to their family members. (Click image to enlarge)

Active Voices
Fifty-five percent are Republicans, 23 percent are Democrats, the rest are independent. Their split in party affiliation somewhat mirrors their views on taxes: 54 percent believe they pay too much while 33 percent feel affluent individuals should bear more of the tax burden than they currently do. An overwhelming percentage—9 in 10—see the government’s growing budget deficit as a serious problem, far outweighing their concerns over social security.

This is also a group that takes an active role in public policy debates: 50 percent say they have more sway over politicians than the average American, and 17 percent seek to influence the debate by contributing money to politicians or lobbying organizations. Sixteen percent reported using their influence over politicians to further their business interests.

Those surveyed have, on average, one primary and one vacation home; the value of the former averages $2.6 million. They own, on average, three cars and take five vacations each year, as well as 11 business trips. Thirty-nine percent are corporate board members; they average 2.4 boards each. Fifty-seven percent sit on a nonprofit board; they average 2.6 boards.