There are 618,000 millennial millionaires in America, according to a new report by Coldwell Banker.
The typical millennial millionaire has a net worth ranging from $1 to $2.49 million.
They also view real estate as a key way to build wealth — the average millennial millionaire owns three properties.
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There are 618,000 millennial millionaires in America, and they’re sitting on a nice pile of assets.
Think a net worth ranging from $1 to $2.49 million, three properties, and a BMW. That’s according to a new report by Coldwell Banker.
The Coldwell Banker Global Luxury program worked with wealth intelligence data and research firm WealthEngine to analyze the lifestyles of millennial millionaires, from wealth creation and property investments to spending trends. It defined millennial millionaires as those ages 23 to 37 with a net worth of more than $1 million.
The report found that the average millennial millionaire is married, lives in California, and is on the hunt for real estate that is affordable and within walking distance of the center of action.
Meet the typical American millennial millionaire, according to highlights from the report.
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The typical millennial millionaire is between the ages of 34 to 37 and has a net worth between $1 and $2.49 million.
Millennial millionaires differ from the millionaires of the early 1980s (the time of America’s last millionaire boom) in that they’re set to inherit even more wealth from their baby boomer parents, who are considered history’s wealthiest generation, according to the report.
It’s estimated that …read more
Source:: Business Insider