What Is in a Millionaire's Wallet? (2024)

Now, I’m no millionaire, but what they have in their wallets is probably a little different than what you or I do. So here’s what my research says they carry around, and the best kinds of wallets for carrying these things.

Credit Card (And Debit Backup)

While you’d think a rich man would carry a bunch of different credit cards, this wouldn’t be the case. They tend to carry a single credit card, likely one that gives a good reward or bonus. And for places that have a minimum to charge to a credit card, or that charge extra for certain brands, they have a debit card as a backup.

And how do they protect these cards from being skimmed for their valuable data? With metal RFID wallets, of course. And you can keep yours safe the same way. The Armored Summit Wallet is a good choice, with up to 95.1% RFID resistance. It can even be improved with addons that can turn it into a notebook wallet. That’d certainly be the type of wallet a millionaire would carry.

Small Amounts of Cash

Another misconception about millionaires is how much cash they carry around. It’s not stacks of 20s and 50s, it’s a single $100 and a few singles. It has been said that a person spends more money if it’s in smaller bills, but $1 bills are easier to keep around in emergencies. If you want an easy way to keep your bills with you, no matter how many, try a leather money clip wallet. One of our best is the Trayvax Element.

What Is in a Millionaire's Wallet? (1)

Not only is it slim enough to fit into your front pocket, it can hold up to 5 bills, and is tough enough to survive anything life can throw at it. From a day on a yacht, to a hike in the woods, the Element is good for rich and poor. It’ll stay strong for your life, as well as your son’s. With Trayvax’s 65-year Heirloom Warranty, we guarantee it.

Business Cards

If you’re a millionaire, it’s likely because you have your own business. And the best way to draw attention to a business is with a business card. Keep some in your wallet to pass out to potential clients or employers. And if you need a wallet to keep them in, the Renegade wallet with zipper is a good one to try. It’s a long wallet, with plenty of room for business cards and other things. A long wallet gives the appearance of wealth, and the lockable zipper pull keeps the business cards safely stored within.

Emergency Card And ID

Millionaire or average Joe, emergencies can happen to anyone. And if someone needs to contact your loved ones, the first place they’ll check is your wallet. So one of the best things to do is keep a small notecard in it, right behind your ID. List some emergency contact numbers, as well as your own cell phone number, on it, along with any important medical information (allergies, heart conditions, etc.).

What Is in a Millionaire's Wallet? (2)

if you want a wallet that can hold these important cards and still fit into your front pocket, then the Trayvax Ascent is for you. This slim wallet can hold up to 7 cards, which can include all the cards above. It’s easy to grab from a pocket when the worst occurs, and the pull tab will give them quick access to your ID and emergency card, so your loved ones can be informed quickly, and your medical care will be safe. Trust the Ascent to keep your emergency information safe.

Cell Phone

Since millionaires like to carry long wallets, there tends to be enough room within for a cell phone. So, expect a wealthy person to keep their phone locked up in their wallet. And if you want to do the same thing, it’s best done with the Roam Clutch.

What Is in a Millionaire's Wallet? (3)

It has a separate pouch for this purpose, to keep your cards from getting demagnetized. And its soft wool interior won’t scratch anything up. It comes in rich brown and sleek black, to look fashionable while being carried. Keep your cell phone close at hand with Trayvax.

In Conclusion

A millionaire’s wallet is different from the average person. It contains fewer cards and less cash, but some important emergency supplies and smart amounts of money. While you may not be a millionaire, you can certainly act like a millionaire by carrying these things in a new Trayvax wallet.

What Is in a Millionaire's Wallet? (2024)

FAQs

What Is in a Millionaire's Wallet? ›

A millionaire's wallet is different from the average person. It contains fewer cards and less cash, but some important emergency supplies and smart amounts of money.

What wallet do rich people have? ›

Conclusion. Long wallets provide superior function and capacity compared to regular bifolds or trifolds, and so are counted among the top choices for the wealthy.

How do millionaires store their money? ›

Cash equivalents are financial instruments that are almost as liquid as cash and are popular investments for millionaires. Examples of cash equivalents are money market mutual funds, certificates of deposit, commercial paper and Treasury bills. Some millionaires keep their cash in Treasury bills.

What do most wealthy people invest in? ›

Ultra-wealthy individuals invest in such assets as private and commercial real estate, land, gold, and even artwork. Real estate continues to be a popular asset class in their portfolios to balance out the volatility of stocks.

Where do rich people spend their money? ›

The wealthy invest in retirement consistently, and they also invest in education. They take care of their health and, more often than not, pay their healthcare bills without incurring medical debt. They also tend to purchase high-quality products and food.

What is in a millionaires wallet? ›

A millionaire's wallet is different from the average person. It contains fewer cards and less cash, but some important emergency supplies and smart amounts of money.

Where do billionaires keep cash? ›

Common types of securities include bonds, stocks and funds (mutual and exchange-traded). Funds and stocks are the bread-and-butter of investment portfolios. Billionaires use these investments to ensure their money grows steadily.

Do millionaires carry cash? ›

Many millionaires keep a lot of their money in cash or highly liquid cash equivalents. They establish an emergency account before ever starting to invest. Millionaires bank differently than the rest of us. Any bank accounts they have are handled by a private banker who probably also manages their wealth.

Where do millionaires hide their money? ›

Real estate

And in a 1 percenter world, penthouses and waterfront mansions can help protect or launder your fortune. A recent Times investigation into one Manhattan property found that more than 200 shell companies had purchased units in the building, including corporate fronts for 17 billionaires—and Tom Brady.

What bank do millionaires use? ›

12 private banking accounts the ultrarich use
InstitutionBest forMinimum assets for investment
Bank of America Private BankPhilanthropists$3 million
Chase Private Client CheckingHigh earners$150,000
Citi Private BankGlobal financial services$5 million
First Tech Premier Rewards BankingCredit union customers$250,000
8 more rows
4 days ago

How do 90% of millionaires make their money? ›

90% of millionaires made their money in Real Estate. I became a millionaire without owning a single property. But I own 6 small businesses that make me $725k/year. Here's why I prefer buying businesses over Real Estate: -- 1) Cash Flow The average rental property in the U.S. cash flows ~$300-$500 (some even less).

What do 90% of all millionaires become so through owning? ›

Ninety percent of all millionaires become so through owning real estate.

Where does Elon Musk keep his money? ›

Musk holds Tesla shares and options totaling about $120 billion — the majority of his wealth.

What is the 50 30 20 rule? ›

Do not subtract other amounts that may be withheld or automatically deducted, like health insurance or retirement contributions. Those will become part of your budget. The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.

Do 90% of millionaires make over 100k a year? ›

Ninety-three percent of millionaires said they got their wealth because they worked hard, not because they had big salaries. Only 31% averaged $100,000 a year over the course of their career, and one-third never made six figures in any single working year of their career.

What are the three things millionaires do not do? ›

Millionaires prioritize avoiding consumer debt, making wise financial decisions, and aligning spending with long-term goals.

Which wallet is good for wealth? ›

Green is a colour that symbolizes growth, renewal, and prosperity. It is believed that carrying a green wallet can attract wealth and success.

Do billionaires have wallets? ›

What Wallets Do Billionaires Use? The wallets that billionaires use vary widely, but many prefer high-end luxury brands such as Louis Vuitton or Gucci. These brands are known for their quality and craftsmanship, and often feature unique designs and materials.

What wallet does Drake use? ›

And he apparently stores his BTC holdings in style, if a new Instagram share is any indication. The Grammy Award-winning Canadian musician took to Instagram on Friday to post an image of a diamond-encrusted Ledger hardware wallet on a marble countertop with the caption, “Waiting on you, Bitcoin.”

What kind of wallets do celebrities have? ›

What kind of wallets do celebrities have? Long and Thin Wallets: Celebrities are frequently photographed with long, flat wallets. These super slim wallets are wide enough to store checkbooks, bills and plastic cards, but also slim enough to fit into a purse or a shoulder bag.

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