Meet the typical millennial millionaire in America, who has a real-estate portfolio worth $1.4 million, is married, and is more likely to live in California than any other state

"Given their age and real-estate portfolio value, plus the fact that many of them own businesses and stand to inherit a lot of wealth, millennial millionaires are poised to be one of the richest and most influential generations in history," reads the report.

Additionally, many millennial millionaires see investing in real-estate as the key to wealth building.

According to Dana Bull, a real-estate investor, the financial advantages of investing in real estate are plentiful: positive cash flow, appreciation in terms of housing values, leverage, and tax advantages.

Ninety-two percent of millennial millionaires in the US are homeowners, according to the report. And 77% of them said they're interested in home improvement.

Some real-estate agents in luxury markets find that millennial millionaires aren't into fixer-uppers, according to the report. But Jade Mills, a Coldwell Banker Global Luxury Ambassador and Beverly Hills real-estate agent, said they're open to open to buying fixer-uppers in desirable areas if they can't afford new construction properties.

According to the report, 44% of millennial millionaires live in the Golden State. Seven of the eight California ZIP codes are in Silicon Valley specifically, which highlights the relationship between tech and wealth.

New York, Florida, Massachusetts, and Texas are the states with the next-largest population of millennial millionaires.

"They want to live near gathering spaces," Karen Yang of Coldwell Banker Residential Brokerage in Los Altos in California said in the report. "They want to live near throwback downtowns, or districts that grew organically — and they are willing to give up square footage and amenities to be able to live in those kinds of locations."

Business Insider previously spoke with several real-estate agents in three states that are popular among rich millennials — New York, California, and Florida. They, too, all told Business Insider that location and walkability are key factors among buyers.

In New York City, many want to be able to walk to work, Ian Slater of Compass told Business Insider. Millennials also want to walk to restaurants, recreational activities, and, in the case of Florida, the water, West Palm Beach real-estate agent Burt Minkoff of Douglas Elliman said.

Millennials have delayed significant life milestones like marriage and children, but wealthier millennials are ahead of the curve when it comes to marriage: 67% are married, compared to only 40% of the general millennial population.

According to the report, all cohorts — millennials, millionaires, and millennial millionaires — who have children typically have just one.

The report states that they prefer to live within walking distance of yoga studios, fitness facilities, and organic dining restaurants. They support local farms and farmer's markets and some grow their own produce.

Entire industries are developing or adjusting services to cater to this increased interest in wellness, Business Insider's Lina Batarags reported. Consider wellness, which is increasingly regarded as a modern embodiment of luxury. Accordingly, an array of spas and studios offering treatments like cryofacials, weeklong retreats, and vitamin IV drips are delivering those experiences.

When it comes to real estate, they've expressed interest in trends like eco-conscious building practices and expect a high level of smart-home technology.

The top car brands millennial millionaires drive are Toyota, Honda, and Ford, the report indicates.

A BMW 3-series car has a starting price of $40,750.

But some millennial millionaires indulge in collectible and classic cars. As the report states, at the 2019 Monterey Classic Car event, there was an increase in buyers among this cohort, who preferred vintage cars from the 80s and 90s and sports cars.

Thirty-five percent of millionaires donate to charity, compared to 56% of millennial millionaires, according to the report.

And 70% of these millennials are willing to spend more with brands that support causes they care about.

"More and more, the wealthy are evaluating a brand in terms of: What mission does this brand represent?" Mike Phillips, Wealth-X's vice president of marketing and communications, told Batarags. "How does it contribute to the greater good ... If I choose to purchase this product, what does that say about me and my values?"