How to become a millionaire? Here's a proven recipe

19.02.2018 13:35|Marcin Lipka

“Do you want to be worth more than 1 million PLN? Don’t even start thinking about full-time employment. The NBP study leaves no illusions. The wealth of households, where the main income is from self-employment is three times more than those who are employed,” writes Marcin Lipka, Conotoxia Senior Analyst.

Marcin Lipka, główny analityk Cinkciarz.pl

The National Bank of Poland (NBP) study, carried out and published at the beginning of the year, "Households in Poland" gives a lot of hints about which elements are conducive to getting rich.

Wealth comes with age and education

It is worth noting that in households where the respondent has higher education, the accumulated net wealth is on average more than twice as high (563,000 PLN) as households where basic education prevails (248,000 PLN). Those who do not have a loan for a property are also richer than those who have to pay for their mortgage.

It seems natural that older people (up to 64 years) have higher assets than younger ones. It can also be seen that couples with children are wealthier than those without children. The most surprising fact, however, is the that the condition of basic wealth is affected the status on the labor market.

Millionaires are self-employed

The average net wealth of a household in Poland is 417,000 PLN and the median (half with less and half with more) is 263,000 PLN. Among households created by full-time employees, the average is only 369,000 PLN. Meanwhile, the average result among families where a surveyed member is self-employed is 1.073 million PLN, which is almost three times more than in the case of wage earners.

The average value of well-off families’ net assets (10% of families) is less than 1.7 million, and 1% owns a fortune worth at least 2.8 million. Taking the data distribution for wage workers and self-employed workers into account, it is likely that the latter have dominated the group of rich people.


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