Study looks at millionaires-in-the-making: Are you one?

Investors who are millionaires-in-the-making are different in several ways from people who are already millionaires, a new study reveals.

The millionaires-in-the-making include more women and minorities than today's millionaires, according to the survey of 1,064 investors with $50,000 to more than $10 million in total investable assets. The survey was conducted by Bellomy Research for Fidelity Investments to try to pinpoint affluent investors' attitudes and behaviors.

"More women are on track to become millionaires in the future," says Fidelity Executive Vice President John Sweeney.

The survey divides affluent investors into four categories: emerging affluent investors (the millionaires-in-the-making) with a median of $250,000 in investable and retirement assets; mass affluent, with a median of $800,000 in investable assets; millionaires, $2.5 million; deca-millionaires, $11.75 million.

The findings show that:

• 68% of the emerging affluent investors are women, vs. 40% of those who are currently millionaires.

• 75% of the emerging affluent are white, vs. 91% of current millionaires.

• The emerging affluent are an average of 40 years old; millionaires, 62.

• Only 1% of the emerging affluent are retired, compared with 51% of current millionaires.

• Emerging affluent investors have a median annual household income of $125,000, which is 2½ times the median household income in the USA. Millionaires who are employed have a median annual household income of $200,000.

• The emerging affluent have similar careers, such as information technology, medical fields, finance and accounting, to many of today's millionaires.

• 48% of the emerging affluent use a financial adviser; 70% of millionaires do.

• 56% of emerging affluent feel confident that their investment strategies are aligned with their long-term financial goals; 88% of millionaires feel that way.

To be a millionaire-in-the-making, investors should get in the game early and have a plan that will enable them to achieve their goals, Sweeney says.

He points out that about 43% of emerging affluent investors own individual domestic stocks, compared with 75% of current millionaires.

Many people aren't millionaires-in-the making and haven't saved enough for retirement. About 36% of workers have less than $1,000 in savings and investments that could be used for retirement, not counting their primary residence or defined benefits plans such as traditional pensions, and 60% of workers have less than $25,000, according to a study from the non-profit Employee Benefit Research Institute.

If you're worried about your retirement savings, Sweeney says it's never too late to get started. "There are always steps you can take," he says.

Some folks who are behind may need to save more and "they may not be investing in equities, so their money isn't working hard for them. You should have a substantial portion of your portfolio in stocks. You really need that earnings growth to have a substantial nest egg over time."