Recently, Scorpio Partnership coined a new term -- millennipreneurs -- for a group who is making a significant impact on the luxury real estate market. Scorpio Partnership led the 2016 BNP Paribas Global Entrepreneur Report -- a study of 2,600 entrepreneurs in 18 countries including regions in Asia, Europe and the U.S. Who are millennipreneurs? Milllennipreneurs are described as those in the millennial generation (born 1980 to 1995) who are active entrepreneurs. What impact do millennipreneurs make in the upscale market? Of course, several groups fuel the high-end real estate market, including foreign buyers. Yet local wealthy millennial purchasers also have a tremendous influence on the luxury real estate sector. Indeed, several "comeback" markets have been affected positively by interest from rich millennial entrepreneurs. Those in the low-to-middle tiers of wealth have made a considerable difference. During the past 12 months, their investment portfolios rose by 12...
- Young rich entrepreneurs are changing the luxury real estate sector.
- Millennipreneurs make their presence known on the investment scene.
- Today's youthful high-end buyers come from different categories of wealth and varied fields.