Advisors might want to consider brushing up on their foreign language skills if they want to pursue the highly prized millionaire market. One out of three wealthy Americans were either born outside of the United States or are first-generation Americans with at least one parent born elsewhere, according to a new report from BMO Private Bank.
The overwhelming majority of the wealthy “new Americans” (80%) are self-made millionaires, earning their wealth mostly on their own. Among longer-established Americans of means, only 67% report being self-made.
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