William D. Danko

William D. Danko, PhD, is a Professor Emeritus of Marketing at the State University of New York at Albany. He is best known for his pioneering research into the habits of the wealthy.\n\nHe is the co-author of the seminal book The Millionaire Next Door (with Thomas J. Stanley). Danko’s research shattered the image of the millionaire as a flashy spender driving a Ferrari. He used data to show that most wealthy Americans are actually frugal business owners who live below their means. His work introduced concepts like "PAW" (Prodigious Accumulator of Wealth) and emphasized that income is not wealth. Danko’s findings remain the foundation of the modern financial independence movement.