Scottish Frugality

Scottish Frugality

Here are the Top 5 ancestry groups of american millionaires.

- Russians
- Scottish
- Hungarian
- English
- Durch

Yes, Russians are the most wealthy people in America and the second rank goes to scottish people because of Scottish Frugality. The reason why scottish people are this much wealthy is because they are several times more frugal than any other groups in USA.

The surprising thing is that, Scottish are among the wealthiest group of people even though they are not ranking even in top 5 groups of high income group of people. More than 60% scottish have annual household income of well below $ 1,00,000.

No other ancestry group has this much high level of concentration of millionaires from such a low level of average annual income.

And the reason behind this wealthy is that, because scottish people are frugal. They live in the environment of self created financial scarcity. And they live well below their means which allows them to save and invest more than the people who live high status life style.

Another reason is that, Scottish people are very frugal when it comes to buy a car or any other automobile vehicle. They don’t believe in spending behind luxurious automobiles and that’s why their wealth is preserved.

Another great observation is that, the adult children of scottish people are financially independent having good level of financial knowledge and thus unlike the children of high income group of people, they don’t drain the wealth of their parents to live. This is another main reason why scottish people are wealthy.

Most of the high status and high income group of people suffer financially because their wealth is eaten up by their financially dependent adult children while scottish don’t have this problem.

Thus, Frugality is the key of becoming wealthy.