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Profiling the rich

By Judy Martel · Bankrate.com
Wednesday, June 19, 2013
Posted: 6 am ET

America is still the land of opportunity for the rich, according to a survey by BMO Private Bank that found 67 percent of respondents with at least $1 million in investable assets are self-made. Only 3 percent attribute their wealth to an inheritance.

What's more, approximately a third of the 482 individuals surveyed say they are first-generation Americans or were born outside the U.S. Of that group, a whopping 80 percent are self-made millionaires.

A few other findings highlight the changing nature of today's high-net-worth American:

  • A little more than a third of the respondents are women. Nearly half of them say they earned their own wealth, while 29 percent attribute their wealth to a spouse.
  • One-fourth of the rich are younger than age 40.
  • More than half, 54 percent, have a graduate or professional degree.
  • 8 percent possess only a high school diploma or less.

Terry Jenkins, CEO of BMO Private Bank, noted in a statement that the survey results show that "prosperity and achievement are within the reach of all Americans who have the determination to succeed."

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