Richie Rich or O Henry?
September 21, 2012 11:15 AM Subscribe
How many millionaires are self-made? The commonly repeated statistic, apparently from The Millionaire Next Door, is that only 20% of millionaires came from millionaire upbringings - which is then used to argue that class privilege doesn't really exist in America, and if you only work hard enough... I can slice that argument up easily enough (many of those millionaires are doctors, for instance, who rarely come from underprivileged households). But how many millionaires really are self-made? I can't find a source with data to back it up (other than quotes from that book, which I don't have, and so I don't know if it backs up the claim or not).