The Influence of Affluence
How the New Rich Are Changing America
Publication Date: May 19, 2009
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A compelling look at a new class of the affluent - the middle-class millionaires – whose attitudes and values are influencing and reshaping American life
In this groundbreaking book, Russ Alan Prince and Lewis Schiff examine the far-reaching impact of the middle class millionaires–people who enjoy a net worth ranging from one million to ten million dollars and have earned rather than inherited their wealth. Comprising 8.4 million households and growing in number, the attitudes and behaviors of these working rich are exerting a powerful influence over our society. So who are these people? They believe in the benefits of hard work. They believe in investing in themselves, and in self improvement. They are more likely to focus on drawing financial gain from their work, and less inclined to be discouraged by failure. And they don’t spend money on the extravagances indulged in by the very rich; instead, they wield their affluence according to middle-class values and ideals. From home security systems to health care, technology to travel, their spending choices are affecting us all – from the products we buy, to the communities in which we live, to the aspirations and values of the broader middle class and American population as a whole.
In the bestselling tradition of Bobos in Paradise and The Millionaire Next Door, THE MIDDLE-CLASS MILLIONAIRE is a captivating narrative – part sociology, and part aspirational journey into the lives, attitudes, and values of the middle-class millionaires. Based on extensive surveys and research into more than 3,600 middle-class millionaire households around the country, this book will reshape our understanding of what it takes to be successful – and how all of us can achieve similar success.
RUSS ALAN PRINCE is president of the market research and consulting firm Prince & Associates, Inc. (russalanprince.com) and a founder of Private Wealth magazine. He is a columnist for Elite Traveler and the author or coauthor of more than forty professional development books. He lives in Redding, Connecticut.
LEWIS SCHIFF leads a team of private wealth experts specializing in the needs of high-net-worth clients for Advanced Planning Group (advancedplanning.org). He is a regular contributor to TheStreet.com, a columnist for Investment Advisor magazine and the author of The Armchair Millionaire (2001). Schiff lives in New York City.
“Most nonfiction books consist of slightly incremental new takes on the same old reality. Occasionally, though, a book emerges that establishes a new reality. That strikes me as the case with The Middle-Class Millionaire. —San Francisco Chronicle
“The author’s research . . . is impressively thorough.” —Newsweek
“A thought-provoking read . . . Prince and Schiff have provided a valuable field guide to understanding this very American species and how they’re changing the way we live.” —The American
“Through rigorous research, exceptional analysis, insight, and engaging narrative the authors have challenged us to view the emerging middle class through a unique lens that refracts middle-class values, aspirations, and goals in an entirely different and new light”. —Dr. Richard Carmona, former U.S. Surgeon General