Domestic stocks are the No. 1 place that millionaires have been putting their money in the past year, according to a Fidelity survey, which runs directly counter to the behavior of the average investor.
If you want a clear picture of where global wealth is heading, take a look at the number of millionaire households that have shifted away from the U.S. and toward emerging economies.
Millionaire households in the U.S. are rising again, largely because the mass affluent stayed the course with their stocks during the downturn and are reaping the benefits of the market’s recovery. But frugality also played a big role.
Chances are, if you’ve spent your life studying how money and economics work, or if you’ve been fairly successful at actually making money and compiling it in a bank account, you’re a cheapskate when it comes to food, wine, cars, homes, clothes, and nearly everything else.