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". In fact 45% of those remaining millionaires (<23 years) have mortgages of more than $300,000."

Could be that in STanley's skewed distribution of looking for millionaires (and he did say he had pockets), that he missed the average signficantly....you can slice and dice this forever.

Stanley did not survey all millionaires. He admits his selection criteria only covered pockets.....and these are not representative of ALL millionaires. He concentrated on urban/suburban areas primarily, and only those with multiple households per SIC.

The IRS says the average household value for the millionaires they know about, and that is a lot more than the 773 sample, is

$277.000

STanley says 40% have no mortgage. 10% under 100K. The top side is top heavy, which he admits....People over 5 or 10 million net worth have lots of money to spend, especially since 80% of them are still working and making big incomes.


I find it absolutely amazing then, to believe that 45% of millionaires have a $300,000 mortage, when over half of them live in a house worth less than $277,000.

Bill GAtes lives in 109 million dollar house.....so do the hollywood movie stars... add them in, and it skews things to pieces...yet the IRS does do that, and it is still $277K house.

That just doesn't compute. I don't buy the big house big debt.

Sorry.

Those silicon valley two income couples buying a 'small house' in inflated California market skew things way out of proportion...we 'average' people just don't need a mega mansion.

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