Study: Millennials Account for 23 Percent of Millionaires

Sunday, 30 Mar 2014 04:48 PM

By Dan Weil

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Millennials, those born from the early 1980s to the early 2000s, are often portrayed as struggling financially. But a new study from The Shullman Research Center shows plenty of them are doing pretty well.

It found that 5 million millennials are millionaires, making up 23 percent of the total millionaire population, CNBC.com reports. Only 4 million among the older Generation X are millionaires;  Generation X birth dates range from the early 1960s to the early 1980s.

That wealth doesn't seem to have come by accident. A total of 49 percent of millennials said they sought to "get rich," compared with only 6 percent of Generation X and 14 percent of baby boomers. Baby boomers were born from 1946 to 1964.

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"Millennials want to remain financially independent, to have fun, and to become rich," the report said, according to CNBC.com.

 

Millennials apparently aren't bashful about spending their wealth. The survey showed that 82 percent of them are planning to shell out for a luxury during the next year.

That compares to 58 percent for Generation X and 32 percent for baby boomers. Vacation is the top luxury purchase planned by millennials, chosen by 44 percent.

Some recent reports have been less flattering of millennials.

One from Bentley University found that more than 50 percent of corporate recruiters gave recent college graduates a grade of C or lower for preparedness, The New York Times reports. And almost 70 percent of the recruiters said young workers are difficult to manage.

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