The Importance of the Affluent Market
• With an average annual income of $256,000, they earn 36% of the total income earned by all American households.
• They account for almost half of all consumer spending and thus represent about a third of total GDP (gross domestic product).
• With an average net worth of $3.1 million, they control 70% of the total net worth of all U.S. households.
• The average value of their financial assets is $1.3 million. As a group, these 11.4 million households hold 89% of the value of all publicly traded stock and stock mutual funds in the U.S.
The affluent market is composed primarily of people who are careful spenders and aggressive savers. They are not conspicuous or ostentatious consumers. This is clearly demonstrated in the research dating back to the 1970s by Thomas Stanley, author of “The Millionaire Next Door”, and in AARC’s research.