There are 618,000 millennial millionaires in the US—and 44% of them live in 1 state (2024)

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Are 618000 millennial millionaires in the us and they re on track to inherit even more wealth from the richest generation ever? ›

Millennials Are Projected To Inherit a Great Deal of Wealth

'” Indeed, the report noted that (as of 2019) that there are 618,000 millennial millionaires, accounting for 2% of the total U.S. millionaire population and 0.2% of the general U.S. population.

More than 90 percent of families reported owning stocks directly or through their retirement accounts, and 87 percent owned their own home. And younger millionaires are at the front of the wealth-building movement, with more than 600,000 millennial millionaires reported in the U.S., according to CNBC.

The U.S. is now home to 37% of the world's millionaires, up from 35% in 2018. The divergence grows even more at the top of the wealth ladder. The U.S. has 9,850 centi-millionaires — those worth $100 million or more — compared with China's 2,352. The U.S. has about 788 billionaires to China's 305.

Millennials stand to become the richest generation in history, after $90 trillion wealth transfer. Millennials are set to inherit as much as $90 trillion in assets before 2044, a new report shows.

Baby Boomers Own Over Half of the Wealth

Baby Boomers are often considered one of the luckier generations in terms of timing. Most did not experience wars and benefited from strong economic growth driven by falling interest rates, a roaring stock market, global monetary expansion, and high earnings.

About 44% are in California and 14% in New York. Florida is seeing a trend of those millennial millionaires leaving high-tax states like California and New York. Jeremy Gardner, 28, is one of those, leaving San Francisco for Miami Beach.

There are 2,755 billionaires globally—and combined, they are worth over $13 trillion. Of these ultra wealthy individuals, just over 100 are millennials, born between the years 1981 and 1996. This young generation represents around 3.8% of all billionaires on a global basis with a combined net worth of $573.1 billion.

Millennials were the largest generation group in the U.S. in 2023, with an estimated population of 72.7 million. Born between 1981 and 1996, Millennials recently surpassed Baby Boomers as the biggest group, and they will continue to be a major part of the population for many years.

As of 2024, there are 756 billionaires living in 43 of the 50 US states or Washington, D.C. The only states with no billionaire residents are Alaska, Delaware, New Hampshire, New Mexico, North Dakota, Vermont, and West Virginia.

90% of millionaires made their money in Real Estate. I became a millionaire without owning a single property. But I own 6 small businesses that make me $725k/year. Here's why I prefer buying businesses over Real Estate: -- 1) Cash Flow The average rental property in the U.S. cash flows ~$300-$500 (some even less).

How many millionaires and billionaires are there in the United States? ›

As of 2023, there are a mere 735 billionaires in the U.S. The millionaires are more plentiful—almost 22 million. But being one of America's wealthiest won't solve your every problem. Even billionaires struggle, which is why it's important to chart a path toward your own definition of wealth.

According to a report by CNBC , only about 1.4 % of households in the USA have a net worth of $ 3,000,000 or more in savings . This equates to approximately 1.8 million households out of the total 129 million households in the country .

There are only 28,420 centi-millionaires in the world (as at June 2023), making this a very elite club. The Centi-Millionaire Report includes exclusive statistics on centi-millionaires provided by global wealth intelligence firm New World Wealth.

Key points. Average net worth peaks between ages 70 and 74. The state with the lowest average net worth is Louisiana.

Baby boomers have the most wealth among four recorded generations, but less wealth isn't necessarily an indication of financial problems. June 18, 2024, at 12:45 p.m. For current and future generations, it's crucial to start investing early and allocate as much as can be afforded.

Nearly 86% of millionaires are white. That's not constrained to just millionaires: According to the Federal Reserve, a typical white family's wealth dwarfs that of typical Black and Hispanic families, with the white family's wealth six and five times higher, respectively.