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A recent book "The Middle-Class Millionaire" by authors Russ Alan Prince and Lewis Schiff talks about a new class of Americans called the "Working rich". The book defines middle-class millionaires as those with net worth between $1 million and $10 million, including their primary residences. This paper goes on to establish that this segment of customers is already sizable and growing at above-average rates. In addition, banks make above average margins from these customers compared to a typical retail customer. It is therefore required of retail banks to carefully align their retail banking strategies to take into account the needs of these wealthy individuals.
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