The Wellness Millionaires
YOUR BUSINESS - FEBRUARY 2007
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"The Wellness Millionaires", by Paul Zane Pilzer, Your Business, February 2007.

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More on
The Next Millionaires:

"How To Be One of The Next Millionaires," by Paul Zane Pilzer, Your Business Magazine, April 2006. 

"A Tale of Two Industries," by Paul Zane Pilzer, Success From Home Magazine, July 2006.

"Crisis or Opportunity - The 6 Myths and Realities of Economic Opportunity," by Paul Zane Pilzer, Your Business Magazine, July 2006.

"Crisis or Opportunity - The 6 Myths and Realities of Economic Opportunity," by Paul Zane Pilzer, Your Business Magazine, October 2006.

"Crisis or Opportunity - The 6 Myths and Realities of Economic Opportunity," by Paul Zane Pilzer, Your Business Magazine, July 2006.

"Creating Fortunes in the New Economy," by Paul Zane Pilzer, Success From Home Magazine, September 2005.

"A Tale of Two Industries," by Paul Zane Pilzer, Success From Home Magazine, November 2005.

The Next Millionaires, by Paul Zane Pilzer, Direct Selling News Magazine, June 2005.

The Next Millionaires, by Paul Zane Pilzer, Success at Home Magazine, published March 2005.

A vast amount of wealth is being created over the next ten years. Here's why--and how you can be a part of it.

 


 


The emerging industries of wellness and direct selling are combining to create the next generation of wealth.
By Paul Zane Pilzer
 

 
 


As an economist, I watch large-scale trends in the economy, often measured in billions or trillions of dollars.

But people don’t often grasp the meaning of billions and trillions. We aren’t really concerned about “the economy”—we’re concerned about “our economy.” We want to know, “What can I do in this new economy to succeed, to take care of myself and my family?” I wrote The Next Millionaires to explain where our economy has been, where it is today, and where it’s going—but even more importantly, to bring all of this down to the level of “your economy.”

Since 1991, U.S. household wealth quadrupled from $13 trillion to about $52 trillion in 2005. Reading such figures, you might say, “That’s interesting… ” But it becomes very personal when we look at what this means to entrepreneurs involved in the most economically vibrant industries.

This growth is occurring not only among an exclusive group of the already-rich, but throughout a broad demographic that includes millions of “ordinary people.” I call this the “democratization of American wealth.”

The Democratization of American Wealth

In 1991, there were 3.6 million American families with a net worth of $1 million or more. Today, there are more than 10 million such families and we are adding new millionaire families at the rate of one million per year.

You can see dramatic evidence of this at the very top echelon of U.S. wealth, the billionaires on the Forbes 400 list of the richest Americans. When this list was released in 1981, it contained mostly familiar names such as Rockefeller, Astor and Morgan and represented a significant portion of total U.S. household wealth. Twenty-four years later, only 40 of the original 400 remain on the list, and the wealth of all 400 combined is only $1 trillion, less than 2 percent of the $52 trillion in U.S. household wealth. The extremely rich, the top 10 on the list, account for almost 25 percent of the $1 trillion total, but when we look closer, we see that all of these top 10 were born poor or middle-class.

Over the next 10 years, as U.S. household wealth doubles to $100 trillion, at least $10 trillion of that new wealth will represent new entrepreneurs coming to the table. That $10 trillion represents another 10 million new millionaires.

A great opportunity lies ahead, not for just a chosen few, but for literally millions of “ordinary people,” individual entrepreneurs who were not born into wealthy families, but who choose to apply themselves in the new and emerging industries where this new wealth is being created. Two of the strongest emerging industries where this growth will occur are wellness and network marketing.

 


The Wellness Industry

Ironically, of the $2 trillion we spend on health care in this country, most has very little to do with health.

“Health” is defined as “being sound in body, mind or spirit,” but what we call “health care” has a very different focus, and would more appropriately be called the sickness industry.

Sickness industry: Products and services provided reactively to people after they contract an illness, ranging from a common cold to cancerous tumors. These products and services seek to either treat the symptoms of a disease or eliminate the disease.

Wellness industry: Products and services provided proactively to healthy people—that is, those without an existing disease—to make them feel even healthier and look better, to slow the effects of aging, or to prevent diseases from developing in the first place.

I stumbled upon the wellness industry in the 1990s, as so many do, through an experience with my own health. For 10 years (against medical advice), I had put off getting expensive knee surgery. I started taking a dietary supplement called glucosamine—and within a year, the cartilage was repaired. The surgeon was positively amazed when he examined my X-rays. I no longer needed the operation.

This experience piqued my interest. I wanted to find out what else my surgeon and my other medical providers didn’t know. I also noticed that people were spending more on new things such as exercise programs and fitness coaches, supplements and organic foods, alternative medicine and anti-aging therapies. I began to research this field and soon arrived at an amazing conclusion: This new and emerging industry, which only a decade earlier had hardly existed, was already a $200 billion business.

This represents an extraordinary economic opportunity. The millions of people spending billions of dollars to further their wellness represent a new and growing economic sector who are eating and living healthier than anyone ever before in history. They are primarily wealthy people who, as they start to have money, start looking for ways they can be healthier outside the medical establishment. Today, for example, this sector spends more than $70 billion annually on vitamins and food supplements.

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