According to a new report from Coldwell Banker, there are 618,000 millennial millionaires (people aged 23 to 37 with a net worth of a million or more) and a large majority of them (58%) live in just two states… California and New York.
What’s more, they’re set to inherit from their baby boomer parents, the largest intergenerational transfer the nation’s ever seen. $68 trillion will be pass from one generation to the next.
It’s interesting seeing how wealth and prosperity is diverging in America.
Besides Illinois, all the top millionaire states are all on the coast and most are liberal, blue states. Texas might still be red but the wealth there is concentrated in the liberal bastions of urban centers like Austin, Dallas, and Houston.
Coldwell Banker’s report is full of interesting facts… like the favorite car of these young millionaires is the BMW 3 series and that even though they want to live in urban centers with lots of opportunities and things to do, they’re flocking to places like Traverse City on the shores of Lake Michigan. So, while they want to partake in the urban renaissance, they also want the freedom to get away from it all when they choose.
One last fact tidbit was particularly interesting. Most give to charity and political causes are their top choice for charitable giving.
As the coastal blue states continue to pull ahead economically and are set to inherent historic amounts, it’ll be interesting to see how the divide between the haves and have-nots continues to grow. And the political response that is sure to follow.