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The typical American millionaire actually has a net worth of $3.7 million and an average annual household income of about $250,000. He is a fifty-seven year old married male with three children. Eighty percent are first generation affluent, have a college degree and are still working. Eighteen percent have master's degrees. Eight percent have earned law degrees. Six percent hold medical degrees. Six percent are Ph.D.s. The majority of millionaires never received even a single dollar in inheritance or any money for college. Ninety-seven percent own a home. Two-thirds of millionaires work for themselves. Most are entrepreneurs who own their own businesses. Two-thirds of millionaires work between 45 - 55 hours per week. Half of millionaires' wives work and most are teachers. Most invest 15% - 20% of their income. There are over eight million millionaires in the United States. 
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