Millennials Behavior: Report reveals where 618,000 young millionaires live

A part of the millennials behavior is their aspirations and wealth acquisition. Today, there are around 618,000 millennial millionaires or those with a net worth of over $1 million, according to a 2019 report from Coldwell Banker Global Luxury and WealthEngine

Despite skepticism regarding the millennials behavior, their wealth is growing, and they are getting richer, the report claims. “By 2030, millennials will hold five times as much wealth as they have today, and are expected to inherit over $68 trillion from their predecessors in the Great Transfer of Wealth."

The document titled "A Look at Wealth 2019: Millennial Millionaires" defines millennials as those born between 1982 and 1996. By 2019, they are individuals ages 23 to 37. Meanwhile, the “Great Wealth Transfer” means the trillions of dollars that will be passed down from baby boomer adults to millennials.

Where rich young people live

The report reveals that almost half or 44% of the millennial millionaires are living in California. The data is “consistent with the general millionaire population,” the report states. "The Golden State also has the highest percentage of business owners (23%) and the highest percentage of real estate investors.”

Meanwhile, New York comes next, being home to 14% of the millennial millionaire population. However, neither in New York nor California will anyone find the top ZIP code for millennial millionaires, but in in Traverse City, Michigan (49685).

The Lake Michigan beach town boasts “a robust second-home market where luxury homes generally start at $500,000 — a far cry from many Silicon Valley ZIP codes, where luxury home prices generally start at about $2 million.”

Moreover, Coldwell Banker's analysis shows that the numbers are consistent with other findings: “In terms of locations, millennials tend to prefer markets that are more affordable — often in suburbs or second-tier cities, where their dollar will carry them further.”

The states where millennial millionaires reside are California, New York, Florida, Massachusetts, Texas, Washington, New Jersey, Virginia, Illinois, and Maryland.

The top 10 ZIP codes for the rich millennials are: