There are nearly 650,000 millennial millionaires in the United States, and there are many more to come. During Luxury Connect, Coldwell Banker agents discussed what you need to know about this new crop of luxury buyers.
Millennials are stereotyped as lazy, avocado-toast-eating complainers, but guess what? “There’s a whole lot of wealthy millennials out there,” Craig Hogan, vice president of luxury at Coldwell Banker Real Estate, said during Luxury Connect.
According to a report Coldwell Banker put together with WealthEngine, there are some 618,000 millennial millionaires today, with 92 percent of them having a net worth of $1 million to $3 million. And there are more to come.
Tiffany Mills, a sales associate at Coldwell Banker, noted that the millennial generation stands to inherit $68 trillion from their parents and grandparents. “Their wealth is going to be extraordinary over the next 10 years, looking to 2030,” said Mills.
Watch the full video above on Inman Select to learn more about the millennial millionaire and how this new crop of buyers will reshape the luxury market.
Don’t miss out on the latest Inman Connect videos published daily. Discover what’s next and grow your business by watching on replay or joining us at upcoming events for live learning and networking. Session videos, livestream and event discounts for Connect are all exclusive to Inman Select subscribers.