A report by Spectrem Group compared Millennials with a net worth of between US$100,000 and US$1 million to Millionaire Millennials with a net worth between US$1 million and US$5 million.
The net worth calculation did not include their primary residence, although it was included when assessing the proportion it represented of the overall portfolio.
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Investable assets represent 42% of the total assets of a Millionaire Millennial compared to just 33% of the total assets of non-Millionaire Millennials. Also, Millionaire Millennials held 10% of their total assets in investment real estate compared to just 4% of other Millennials.
The principal residence made up 5% of the total assets of Millionaire Millennials but represented 16% of the assets of those with less total wealth.
There was a significant difference in the amount of privately held businesses as part of the total portfolio. 28% of Millionaire Millennials included privately held businesses compared to 19% of non-Millionaires.
The two wealth segments flipped each other in how their assets were held. 27% of the assets of Millennial Millionaires are in a professionally managed account, compared to just 19% of the assets of non-Millionaires. On the flip side, just 12% of the assets of Millionaire Millennials are held in cash or deposit accounts compared to 19% of the assets of non-Millionaires.
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By GlobalDataThe report showed a great difference in the attitudes Millennials had about the work of investing. 58% of Millionaire Millennials said they like to be actively involved in the day-to-day management of their investments, while only 43% of Millennials with a net worth under US$1 million had the same interest.
