Low-end millionaires not masters of universe

Millionaires with under $5 million in assets live more humble lives than most would think, according to the Spectrem Group.

Millionaires with under $5 million in assets, not including primary residence, live much more humble lives than most would think, according to a study by Spectrem Group.
The report, “The Millionaire Investor,” found that the two most prevalent careers among the $1 million to $5 million group are manager (20%) and educator (11%).
Meanwhile, those in the $25-million-and-higher category hold the title of entrepreneur/business owner (30%) and senior corporate executive (17%), according to the report.
In terms of assets, most of the money of both millionaire groups is invested.
Aside from investing, members of the $5-million-and-under group have allocated the largest amount of assets in their principal residence (16%), and insurance and annuities (9%).
Meanwhile, the $25-million-and-higher group have their non-investible assets in privately held business (12%) and all other real estate (10%).
The report is based on a survey of more than 2,400 households, which was conducted in December 2007.
Spectrem Group is based in Chicago.