There are more than 600,000 Millennial millionaires living in the US — and most of them live in California, according to a new survey.
A study from Coldwell Banker Global Luxury and WealthEngine found there are approximately 618,000 Millennial millionaires in the US. A Millennial millionaire had to have a net worth north of $1 million, according to the study.
Experts predicted Millennials’ net worth is expected to rise by as much as five times by 2030 due to the “Great Transfer of Wealth,” which is essentially money being handed down by baby boomer parents.
Where wealthy Millennials are living isn’t a shock. Forty-four percent live in California, the home of Silicon Valley and some of the world’s hottest tech start-ups. New York was the second most popular state (14%), while Florida, Massachusetts, and Texas were the other states with the most Millennial millionaires.
Oddly, the most popular zip code for Millennial millionaires wasn’t in California or New York.
Traverse City, Michigan (49685) housed the most Millennial millionaires in front of several California towns and cities including Freemont, Cupertino, New Almaden/Englishtown/Twin Creeks, and San Jose.
Where Millennial millionaires live
1. California: 44%
2. New York: 14%
3. Florida: 5%
4. Massachusetts: 5%
5. Texas: 5%
6. Washington: 4%
7. New Jersey: 4%
8. Virginia: 3%
9. Illinois: 3%
10. Maryland: 2%