Thomas Stanley and William Danko mailed 3,000 surveys to American households and found that among the 1,115 replies, 385 came from actual millionaires, half of whom said they had never spent more than 399 dollars on a suit, 140 on shoes, or 235 on a watch.
The wealthiest Americans aren't dressing the part—and their closets reveal why building wealth requires resisting the urge to look like you already have it.