Households with a net worth of $1 million to $5 million display a much humbler way of life than the term "millionaire" tends to evoke, according to a report by Chicago's Spectrem Group.
The two most common job descriptions among this group are manager (20%) and educator (11%).
Those in the $25 million and higher category are typically entrepreneur/business owners (30%) or senior corporate executives (17%), according to the Spectrem report issued Tuesday.
The $5 million and under group was most likely to make its biggest allocations to a principal residence (16%) or insurance and annuities (9%).
The $25 million and higher tier favored allocations to a privately held business (12%) or "other" real estate (10%).
The report, "The Millionaire Investor," was based on a December survey of more than 2,400 households with net worth of $1 million to $25 million, not including primary residences.
