Toby Melville/Reuters Millennial parents are using their kids as status symbols.
- Some wealthy millennials are using their kids as status symbols.
- Raising a child is already an expensive endeavor, costing six figures around the world.
- On top of that, the elite have been known to buy their children pricey accessories, invest in high-end childcare and education, and give them unique names.
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Raising kids is expensive, no matter where you are.
To raise a child to age 18 in the US, it'll cost parents an average of $230,000, according to Merrill Lynch's "The Financial Journey of Modern Parenting: Joy, Complexity, and Sacrifice" report. Meanwhile, in the UK, the average cost of raising one child is $323,000.
But the elite, especially millennial parents, have no problem spending beyond those six-figure estimates. In the age of social media, it's easier than ever to show off your children to others, and if they're wearing designer clothes and living in swanky nurseries in those images, it helps flaunt your wealth - and your status.
It's not just about material goods, though, or how much you spend: Investing in intangible goods like high-end childcare and education creates the same effect, as can the number of kids you have and the names you give them.
Here are eight ways millennial parents are using their kids as status symbols.