Coldwell Banker Real Estate LLC and the Coldwell Banker Global Luxury program recently released its “Millennial Millionaires” report, part of its annual A Look at Wealth series.
The report found that homeownership is high among the group: 92 percent have purchased property, with 80 percent purchasing a single-family dwelling.
Of the approximately 618,000 millennial millionaires in the United States, the vast majority – 93 percent – have a net worth between $1 million and $2.49 million, according to the WealthEngine platform data. And, the generation stands to be worth even more. It is estimated that in the coming decades many more millennial millionaires will be minted as part of “The Great Wealth Transfer” with millennials projected to inherit $68 trillion from predecessors.
The report found that the top states for millennial millionaires were California (44 percent), New York (14 percent), Florida (5 percent), Massachusetts (5 percent), Texas (5 percent), Washington (4 percent) and New Jersey (4 percent).
“Millennial millionaires are projected to become one of the richest and most influential generations in history. This report is a smart way to get a detailed look at this generation. Real estate professionals should take notice as understanding this generation will be key to growing your business in decades to come,” said Charlie Young, president and chief executive officer of Coldwell Banker Real Estate LLC.
A Look at Wealth combines industry research with anecdotal insights from local market experts affiliated with the Coldwell Banker brand. It is designed to help luxury real estate professionals better understand this group of current and future homeowners and analyze key aspects of the millennial millionaire lifestyle, including wealth creation, philanthropy, property investments, spending trends and more.
WealthEngine is powered by more than 1,500 wealth and lifestyle attributes that support half a trillion data points, and creates unique WealthEngine Profiles for more than 250 million people in the U.S.
Information was gathered on individuals ages 23 to 37, with a net worth (assets minus liabilities) of more than $1 million between July 1, 2019 and September 16, 2019.