Shocking Statistic: 44% of Millionaires Face Risk of Ending in Poverty

Explore the surprising statistics behind millionaire success rates and the risk of ending up in poverty. Patrick Bet-David highlights disparities in wealth accumulation among different racial and ethnic groups, the primary paths to becoming a millionaire, and the shocking fact that nearly 44% of millionaires face the risk of ending their lives in poverty.

[harry-xoue]

Makes sense. To be a millionaire you have to take risks. Later in life, further risks can lose the money you have made.

[CBlueDevil]

The problem with that 44% millionaires is that they are horrible at budgeting/living within there means and refuse to change the lifestyle they have gotten accustomed to. I have seen it with a couple of family members. They make boatloads of money, but when business hits a rough patch or if its time to retire, they are caught like a deer in the headlights.

[imagearchy]

44% chance to go broke due to high taxes and regulation alone! Minus the stupidity.

[jamesperkins]

Made it, lost it. Made it spent it. Made and walked away... this time I'll keep it and use it to serve:)

[owennewcomer]

Personally the things you can get from money are great but I think the things you can do with money are better and so if I end up broke after I achieve my dreams then I helped a lot of people and I accomplished everything I set out to do.

[toxichammertoe]

Spending habits, bad investments, drugs, keeping up with the latest fashions, living in expectation of money always coming, going out to eat, and partying, living a life of ease, and laziness will DEFINITELY make you broke

[darrenjohnson]

Is this the result of "Own nothing, but control everything?" Rich people tend to put the bulk of their wealth in trusts, and many families have generational wealth this way. On paper these people live in a house, use a car, use a boat etc, they don't own.

[twt]

If you become a millionaire and want to stay a millionaire, don’t spend money like a millionaire. Work like a millionaire.

[Thestrappedgrunt]

It’s because they are smart enough to get assets out of their name before they pass away and cut a tax burden

[sevensages]

44% is still less than the 90% of the licensed sales agents who make less than a minimum wage worker making $7.25hr while working at Pat's sleazy MLM life insurance company !!!

[ewetoobblowzdogg]

That was my dad. He made at least 50 million in 1960's & 70's money. Died penniless, on welfare and without a single friend. He is my example of what not to do

[josegarcia-fgdu]

Im Mexican and I have fun with family and friends. I don't need money 😂😂😂. Yes that ten bedroom, 21 bathroom is gonna really make you happy

[BenGJerome]

The reason why millionaires die broke is to deal with inheritance law. That should be a Factor when looking at the statistics

[danzamp]

Greed makes you lose sight of reality.

[mickeydrago]

As of 2023, there were 22 million millionaires in the United States, which is approximately 1 in 15 Americans. This makes the U.S. home to the largest number of millionaires in the world, and they hold 40% of the world's millionaires.

The number of millionaires in the U.S. is expected to increase to 25.4 million by 2028, a 16% increase.

[NealBrown]

It's just like the lottery winners, who almost all end up with zero winnings left before their payouts have even finished. The reason is simple, they never had that kind of money, and they don't make the effort to learn how to live correctly with money.

Only the people who make the effort to learn how to live on a budget, AKA live within their means, will be able to hold onto their money regardless of how they acquired it.

Most people who earn a million dollars or even several million dollars will go out and spend the bulk of it quickly on a shiny new car, a fancy big house, and lavish trips. The wise people will live the same as they did before they became wealthy and invest the majority of their money for long-term wealth. By living frugally now, they will be able to live well for the rest of their lives.

They are basic financial concepts, but so many people are living paycheck to paycheck that they don't have the knowledge or experience of having more than they need to know how to manage it correctly.

[oconnorsean]

I've lost millions two times and yes now I'm broke living paycheck to paycheck 😔 I'm going for number three, wish me luck 🙏

[rustyhanna]

I would be willing to take that chance.

[harrymal]

I totally agree with you, I'm the one lost everything due to gov, Duck up

[Cameroll]

Is this factoring in millionaire status via retirement accounts? If so, I can see individuals drawing down their retirement accounts when they enter their golden years. Many retirement accounts are not funded enough to last for one’s life expectancy, thus entering into poverty before death.