Rich millennials are creating new status symbols as they start to buy homes and have kids. Here's 10 ways they are redefining luxury.

Wealthy millennials are starting to spend on their homes, children, and pets as they get older.Photo by Gotham/GC Images

• Wealthy millennials are approaching their 40s and are starting their own families and buying homes.
• This is changing their perception of luxury and what they splash out on.

Wealthy millennials are approaching their 40s and starting to get serious about life. Some are starting families or buying homes, and this is changing what luxury looks like to them.

In the past, millennials were known to splurge on personalized experiences, brands that matched their values, and luxury apparel like sneakers and streetwear.

Now that they've grown up a little bit, they're spending more on their homes, children, and pets. Here are 10 new trends and status symbols for rich millennials: