There are 618,000 millenial millionaires – 44% live in one state Description video: There are 618,000 millenial millionaires – 44% live in one state. Becoming a millionaire as a millenial means making wise investments, saving and getting involved in the […]
There are 618,000 millenial millionaires – 44% live in one state
There are 618,000 millenial millionaires – 44% live in one state. Becoming a millionaire as a millenial means making wise investments, saving and getting involved in the stock market. Finance PhD Dr Boyce Watkins speaks on what it takes for a young person to become wealthy and become a millionaire in their 20s or 30s. \n\nThe Black Financial Channel is a news and business channel designed specifically for the African American community. We give daily financial updates on stock markets, investing and other related topics that appear in financial news. \r\n\r\nThe Black Financial Channel is sponsored by The Black Business School. To join The Black Business School and get started for free, please visit TheBlackBusinessSchool.com. You can also get free financial tips, advice and information from Dr Boyce Watkins by visiting DrBoyceWatkins.net
There are 618,000 millennial millionaires in the US
According to a 2019 Coldwell Banker Global Luxury and WealthEngine report, there are approximately 618,000 Millennial Millionaires in the US with net worth exceeding $ 1 million. Millennials – born between 1982 and 1996, or people who are between 23 and 37 years old now.
It follows from the report that the number of wealthy youth is growing. And they become more richer: «Millennials will have five times more wealth than they have by 2030 today, and are expected to inherit over $ 68 trillion from their predecessors in the coming «Great transfer of wealth».
«Great transfer of wealth» – it’s trillions of dollars to be donated to millennials from their baby boomer parents, considered the richest generation in history.
Nearly half, 44% of millennial millionaires are concentrated in California. it «consistent with the general population of millionaires», the report says, adding that «in The Golden State also has the highest percentage of business owners (23%) and the highest percentage of real estate investors».
New York City is home to 14% of wealthy millennials.
However, the largest number of young millionaires live in Traverse City, Michigan. (49 685).
Historically a tourist destination, a beach town on the shores of Lake Michigan It has «well-established and attractive secondary housing market, where elite houses are usually cost from $ 500,000 – as opposed to «Silicon Valley», where are the prices for luxury homes usually start at about $ 2 million.», – the report says Coldwell banker.
This is consistent with another finding from the report: «Location-wise, millennials prefer those markets that are more accessible – often in the suburbs or second-tier cities where they can afford more for their money».