The wealthy in Valley live much like everyman.

Want to spot a multimillionaire in the Valley?

Try looking for a house that may or may not be in a gated community.

The Valley's affluent live inconspicuously, much the same way that their neighbors, who may not be worth nearly as much, live.

Living in L.A. it's easy to get the sense that the rich live the high life. But those who know wealth first hand, or who work with the wealthy, say that it is that lifestyle that is the exception.

To be sure, the assets of most of the Valley's affluent don't compare with the likes of many of the richest in Los Angeles. But even among those worth $10 million, there would be plenty to spare for extravagance.

"Most millionaires are millionaires because of equity in the business they own," said Richard Peterson, managing partner of Market Psychology Consulting,

Peterson, who is also a psychiatrist by training, points out that, typically, it is those with highly visible professions, entertainment industry folk, doctors, even some attorneys, whether wealthy or not, that spend the most on their lifestyles.

"In the San Fernando Valley, they're not trying to represent anything," Peterson added. "And that culture of image representation probably doesn't appeal to them because it's not authentic. It's about what's good for my family, what's good for my business, where do I find my church?"

While a few of the Valley's richest are highly visible--real estate magnate Edward Roski Jr. and Countrywide CEO Angelo Mozilo, for example--most have earned their wealth.

Actually, the profile of the rich in the Valley is much like the profile of the wealthy everywhere. In an often quoted book, "The Millionaire Next Door: The Surprising Secrets of America's Wealthy," authors Thomas J. Stanley and William D. Danko found that most of the country's affluent live in the same home for more than 20 years; they wear inexpensive suits; they rarely drive current model cars.

The book's authors wrote of the way the wealthy describe themselves. "We are welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers and paving contractors."

The vast majority is first-generation wealth amassed through owning a business, and that is the typical profile of the Valley's affluent as well.

Behavioral psychologists and others say that those who built their wealth from the ground up are more likely to hold onto it, spending frugally. There is also something of a self-selection process at work in the wealthy communities in the Valley, many say.

The rich choose to settle here or remain here because they are not comfortable with the visibility and flamboyant lifestyles of their counterparts in Beverly Hills.

BY SHELLY GARCIA

Senior Reporter