Thomas Stanley (who wrote The Millionaire Next Door with William Danko) has come out with a fascinating sequel: The Millionaire Women Next Door, which shows that women millionaires are even thriftier than their male counterparts.
According to Stanley, “the typical female millionaire is 49 years old, works 49 hours and 18 minutes per week, has a household income of $240,217 per year (she earns 71 percent of that), spent less than $300,000 for the most expensive home she’s ever purchased, and has a household net worth of $2.9 million.”
Millionaire women are, by most standards, also apparently pretty frugal. Most millionaire women spend, at most, $139 on a pair of shoes, and $400 on a suit. Instead of buying new clothes, 52 percent of millionaire women are more likely to have their clothes mended or altered.
© 2004 Wendy J. Imura.