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Wealthy not self-indulgent

January 29, 2006

"To the manner born..." isn't a common heritage for America's affluent, according to a survey of 500 families with at least $5 million in liquid assets. The vast majority - 92 percent - said they generated their fortunes over the past 20 years.

The survey responses found that the common notion of the wealthy as self-indulgent may be misguided,

The study was conducted by Worth magazine editors and the Harrison Group, a research consulting firm based in Waterbury, Conn.

"We were impressed by a number of findings, including how the new wealthy elite travel a well-defined wealth maturation cycle during which they must learn how to live with abundance and navigate the management of their assets," said Jim Taylor, Harrison Group's vice chairman.

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