How to Become an "Ultra" High Net Worth Individual

Want to join the ranks of the Ultra High Net Worth? The steps are simple and may even sound a little bit old-fashioned, but that doesn’t mean the road to wealth is necessarily an easy one, according to Millionaire Corner research.

Ultra High Net Worth investors have substantial wealth - $5 million to $25 million, not including their primary residence. The secrets of these “ultra” successful investors don’t sound glamorous, but are time-tested strategies for building wealth. How do Ultra High Net Worth investors do it? For starters, they work like crazy.

Hard work is the top factor contributing to the financial success of Ultra High Net Worth (UHNW) investors, according to a fourth quarter survey by Millionaire Corner. In fact, virtually all of investors (99 percent) with investable assets between $15 million and $25 million attribute their success to their work ethic.

Keeping your nose to the grindstone might not sound like a lot of fun, but starting and growing your own business might seem preferable to staying in school. Education ranks as the second most significant factor to achieving ultra high net worth, and 90 percent of UHNW investors identify education as a key to wealth. All survey participants have graduated from high school, 58 percent are college graduates and 37 percent have a graduate degree.  

It’s interesting to see that investing prowess takes a back seat to hard work and education in the recipe for success. Eighty-one percent of UHNW investors attribute their success to smart investing. Frugality, being in the right place at the right time and taking risks are also seen as significant factors by 72 percent, 64 percent and 61 percent of the UHNW, respectively.

So far, it may seem that UHNW investors are a stoic, learned and disciplined group, but don’t think these mega-millionaires go it alone. The vast majority are either married (83 percent) or widowed (7 percent), statistics that bear out the correlation between financial success and a lasting marriage.

UHNW investors also tend to have long-term relationships with a variety of financial professionals. More than 40 percent of investors with $15 million to $25 million say their success is due in part to decisions made for them by financial advisors. Family connections and inheritance contribute to high net worth to a lesser degree and are considered to be key wealth-building factors for 12 percent and 26 percent of UHNW investors, respectively.