I was speaking to roughly 500 high school students in Singapore last week.
The students represented about 50 different nationalities. Many were American. At one point, I asked them to call out brand names that they thought most millionaires are attracted to.
They hollered out names like Rolex, Gucci, Porsche, Ferrari, Prada, and Louis Vuitton.
Yes, some wealthy people prefer high-status brands. But according to the late wealth researcher, Thomas J. Stanley, most wealthy Americans don’t. Instead, they have modest consumption tastes. Most millionaires, for example, don’t drive fancy cars. Most don’t live in fancy homes. Most don’t collect wines, antiques or belong to swanky clubs.
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