Next Millionaire Next Door Review: Wealth Habits
Stanley's daughter ran the same survey thirty years later, with a more diverse sample. The income mix had shifted. The habits, awkwardly for almost everyone, had not.
Habits of first-generation millionaires
| Habit | What it looks like in the UK |
|---|---|
| Intentional spending | Aligned with long-term goals, not impulse |
| Strategic investing | Diversified across ISAs, SIPPs, asset classes |
| Financial education | 15 min/week reading compounds across years |
| Mentorship and networks | Professional bodies, industry events |
| Disciplined risk management | Insurance, diversification, written plans |
Source: Sarah Stanley Fallaw, The Next Millionaire Next Door. UK median household net worth: ~£302,500.
Key takeaways
Fallaw's research highlights that today's millionaires are more likely to invest strategically and manage their portfolios actively compared to previous generations.
The millionaire profile has evolved, showing more diversity in age, gender, and ethnicity, with a larger number of entrepreneurs achieving wealth.
Intentional spending and contributions to tax-advantaged accounts like ISAs and SIPPs are important for long-term wealth accumulation.
Today's millionaires are more likely to engage in active portfolio management and diversify their investments across different asset classes.