The survey of individuals with investible assets of $1 million or more also revealed that more than one-third of wealthy Americans are women, with nearly half saying that they generated their own wealth. Only 29% of affluent females said that their wealth came primarily from their spouse. American prosperity is also increasingly multi-cultural. Fully one-third of the surveyed millionaires were born outside of the United States or are first generation Americans, with at least one parent born elsewhere. Within this group of "new Americans", an overwhelming 80% reported that their wealth was self-made.
"The face of wealth is evolving in America," said Jenkins. "As an industry, we need to learn to cater to an increasingly diverse client base and provide them with the products and services they require and to strive to have an employee base that reflects the communities in which we do business." BMO also reported that one-quarter of all high-net worth Americans are under the age of 40. The survey also confirmed that education is a big indicator of wealth, with 54% of respondents having a graduate or professional degree, while just 8% held a high school diploma or less. --Written by Hal M. Bundrick