Thelife
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Many rich millennials flaunt their wealth on social media.
- Rich millennials have different financial behaviors and habits than rich baby boomers do.
- Growing up in an age of technology, millennials tend to display their wealth on social media, buy luxury goods online, invest in cryptocurrency, and dress more casually.
- Millennials also define wealth differently, equating it more with success and purpose than baby boomers do, according to a study by Boston Private.
It doesn't take everyone a lifetime to build wealth - some get there a lot faster than others and get to enjoy their wealth at an earlier age.
According to a SmartAsset study, 11% of high-net-worth households are comprised of adults aged 18 to 33. Millennials also comprise 13% of the "wealth and affluent market" - households with at least $100,000 in investible assets - reported Michael Kaplan of the New York Post, citing a study by Wealth & Affluent Monitor.
These rich millennials are redefining luxury and creating a new image of affluence, according to Larissa Faw in a piece for Forbes.
Compared to affluent baby boomers, affluent millennials invest more in things like health and wellness, experiences, and cryptocurrencies. Growing up in an age of technology, they love to show off their wealth on social media and are more likely to buy luxury online. They also look different, opting for more casual attire than previous generations.
These behaviors might be attributed to the fact that millennials define wealth differently - more so with purpose, success, and an overall broader version of happiness, according to Boston Private's 2018 "The Why of Wealth" report.
See how rich millennials are different from rich baby boomers.
