There are over 600,000 millennial millionaires in the US, and 44% of them live in one state

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Young Americans are getting richer!

There are about 618,000 “millennial millionaires” in the United States, based on a 2019 report from Coldwell Banker Global Luxury and WealthEngine. The report defines millennials as people born between 1982 and 1996, or ages 23 to 37 in 2019. Millennial millionaires are these with a web value of over $1 million, the report acknowledged.

According to the report, 44% of the millennial millionaires are concentrated in California. That’s “consistent with the general millionaire population,” the report says, including that “the Golden State also has the highest percentage of business owners (23%) and the highest percentage of real estate investors.”

New York ranks No. 2 with 14% of the millennial millionaire inhabitants.

“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 report reveals.

The “Great Wealth Transfer” refers to the trillions of {dollars} that might be handed right down to millennials from their child boomer dad and mom, who are thought of the wealthiest technology in historical past.

The high ZIP code for younger millionaires, although, is in neither CA or NY: It is in Traverse City, Michigan (49685).

Historically a vacationer vacation spot, the Lake Michigan seaside city has “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,” Coldwell Banker studies.

Here are the different well-liked states and ZIP codes for millennial millionaires:

Source: CNBC

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