Data shows millionaires also love to save when shopping

Data shows millionaires also love to save when shopping

(WWBT/WXIX) - If you think multi-millionaires only buy luxury items, think again.

According to financial site Millionaire Corner, one in three people with a net worth of more than $5 million shops at Walmart on a regular basis. More than 40% of multimillionaires shop at Target and nearly half can be found in the aisles of Costco stores.

And it’s not just big box stores: About 20% of the money spent in dollar stores comes from shoppers who make six figures.

When it comes to vehicles, according to data from Edmunds.com, the most popular car among people earning more than $250,000 is the Ford F-Series truck. Next on the list are the Jeep Grand Cherokee and Jeep Wrangler.

People making more than $100,000 a year are actually more likely to use coupons than people making less.

One likely reason for this frugal way of living is the fact that more than 80% of American millionaires accumulated their wealth in one generation, meaning they didn’t grow up rich.

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