Quote:
Originally Posted by RR-NYC
There is no data that supports your assertion that there are more non-millionaire Rolex owners vs millionaire owners.
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Yeah there is, I just didn't source my information.
Roughly 0.9% of the U.S. population has a liquid net worth of $1M+ not including primary residence. Slightly more than half of all millionaires have net worths between $1M and $10M.
If you look at the sub-population of rolex owners, something like 6% of Rolex owners are dollar millionaires which is greater than the general population (0.9%) as a whole but
far less than 50%. It's not even close.
The vast majority of Rolex owners are not millionaires. I got this stat from one of Thomas Stanley's books titled "Stop acting rich and start living like a real millionaire"
The point of bringing up this statistic (within the context of the book) was to demonstrate the fact that real millionaires are far more frugal than middle class "aspirationals" seem to think (With Stanley's definition of "aspirational" being a middle class individual with $100k-$1M in net worth not including primary residence who tries to project an image of being wealthier than they really are)
Here's another interesting statistic -
The median amount paid for a watch by people with a net worth of > $5M USD is $300. Half of all pentamillionaires pay less than $300 for a watch and half pay more.