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.
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