'Old Money' Vs. 'New Money': 45 Things That Help Define Where A Person's Wealth Came From

Once upon a time, a cool $1 million was the epitome of making it. It unleashed a frenzy, summoning hordes of eager individuals to queue up outside corner stores and supermarkets in hopes of snagging seven-digit lottery jackpots. Journalists volleyed questions at fortunate winners, probing into the intricate details of their plans, while the rest of us dreamed it could be us one day. No surprise why TV programs like "Who Wants to be a Millionaire?" were a big hit.

Millionaires, a rare breed, were drenched in an aura of fascination, their extravagant lifestyles imbued with an air of allure. These affluents luxuriated in the finest culinary establishments, donned garments oozing with unbridled fashion, zoomed around town in pint-sized, zestful sports cars, and resided in grandiose mansions that whispered tales of extravagant living. By the '90s, there were only about 60,000 millionaires in the US. Today, this number is as high as 21.9 million US residents, meaning that about 8.8% of America's adult population has "made it."

However, with inflation and whatnot, $1 million is not that big of a deal no more, it turns out. According to Forbes, one must rake in no less than an eye-watering $597,000 per year and amass $11.1 million to secure a position among the privileged top 1% of American society.

As Andrew Gelman, a professor of statistics and political science at Columbia University, once noted: "It used to be that a millionaire was someone with a million dollars. Nowadays, though, the term is often used to refer to people who make a million dollars a year."

According to the findings of business theorist Thomas Stanley, a remarkable 80% of millionaires in the United States have forged their fortunes through hard work and entrepreneurship rather than relying on inherited wealth. This can also be traced by inspecting the evolution of the Forbes 400 list. 

Most individuals on the list, it turns out, did not inherit the family business but rather made their own fortune. One particular research sheds light on this phenomenon, revealing that a significant 69% of individuals featured on the Forbes list in 2011 had ventured into entrepreneurship and established their own enterprises, compared to the 40% recorded in 1982.

To gain deeper insights into the intricate tapestry of affluent culture, Bored Panda reached out to 'Rich: The Rise and Fall of American Wealth Culture' author Larry Samuel, who ventured deep into the wilds of wealth culture in the US, documenting how rich people spend their time and money. "I found it very interesting that, even though they had a ton of money, millionaires (and billionaires, for that matter) still had to deal with the existential challenge that we all face—to find meaning and purpose in life," he said.

Through his immersive encounters with America's affluent community, Samuel made a compelling revelation: the act of lavishly splashing millions on material possessions - your Porches, private islands or diamond-encrusted fidget spinners - seldom yielded genuine happiness.

"Those folks who found a 'higher' purpose in their lives," he explained, "were infinitely happier and more secure (richer, so to speak) than those interested in the acquisition of things or even experiences, in other words, something that poses enormous implications for how we all might choose to live our lives."

Throughout his research journey, which occasionally required going as an undercover millionaire, Samuel unearthed a captivating revelation: the realm of millionaires can be categorized into five distinct archetypes. Challenging the well-worn narrative of old money versus new money, Samuel concluded that this dichotomy has grown tiresome and oversimplified.

Referred to as "Coolionaires" by Samuel, these individuals epitomize the notion of wealth intertwined with aesthetics. "Coolionaires have a deep desire to surround themselves with beautiful things and experiences, viewing their wealth as the opportunity to express their status as a person of refinement and sophistication. For them, wealth is the means to dwell in and show off their sense of taste, like picking up a Basquiat or Banksy while at Art Basel Miami Beach," he said.

Another intriguing category identified by Samuel is the group he calls "Wellionaires." As the name implies, these individuals prioritize channeling their riches towards nurturing their physical and mental well-being. "They use their wealth to convey to themselves and others that they are living lives in and of balance, perceiving a symbiotic relationship between themselves and the planet," Samuel said. They opt for vacation destinations abundant in nature, such as the Galapagos Islands or Machu Picchu, further emphasizing their inclination towards aligning with the natural world and fostering holistic well-being. Probably a regular at 'A-Fest', the annual super-elite, invite-only wellness festival.

However, he found that "Thrillionaires" are the closest to "new money" rich. "I found most of the 'Thrillionaires' I encountered were less than enlightened people. The irony is that I saw no evidence that spending huge sums of money on mostly frivolous things and experiences made these folks any happier as, of course, there’s always something bigger or better to buy." The newly affluent millionaires, in particular, possessed considerable wealth but had yet to grasp the notion that fostering the welfare of others holds the key to personal fulfillment.

Personality, then, is exactly what inspired Dr. Johannes König's expansive research on a millionaire's personality traits. "Since personality is a major determinant of people's way of thinking and because the rich are influential in business and in politics, it made sense to get a clear picture of the 'rich personality'," König explained to Bored Panda in an email, noting that no such large-scale study was previously done.

"The fact that there is a distinct personality profile of the rich is very fascinating," he said. "It suggests that those with large societal influence think very differently compared to the rest of the population, which may be important for the political process." According to his findings, millionaires tend to be more risk-loving, more emotionally stable, more open to new experiences, more extroverted and more diligent.