There are 618,000 millennial millionaires in the U.S. and their wealth is only expected to grow. According to a report in Barrons, Generation M’s 1% is expected to be five times wealthier in the next decade than they are now. Some of their wealth accumulation can be attributed to what’s been dubbed the “Great Wealth Transfer,” where nearly $68 trillion in assets are flowing—or are expected to flow—to younger generations, mostly from rich baby boomer relatives.
In addition to inheriting money, the report suggests that there is a significant tech influence to the rise of millennial wealth. Some of the top zip codes for millennial millionaires are in Silicon Valley, including Cupertino, home to Apple.
Other data in the report shows that most are employed by corporations, with only 15% working for themselves. Statistics show the millennial millionaires owning 2.8 properties, slightly higher than the 2.4 properties average boomer millionaires possess. They also have larger real estate portfolios than boomers; $1.4 million compared to $919,000.