- There are 618,000 millennial millionaires in the US, and they're set to inherit even more wealth from their baby boomer parents, according to a new report by Coldwell Banker .
- The "Great Wealth Transfer" will see an estimated $68 trillion passed down from boomers over the next 30 years.
- By 2030, millennials will be five times richer than they are today.
- Visit Business Insider's homepage for more stories .
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There are 618,000 millennial millionaires in the US, and they're on track to inherit even more wealth from the richest generation ever
PAUL CHILDS/Reuters
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The millennial millionaires of today are set to become even richer.
According to a new report by Coldwell Banker , there are 618,000 millennial millionaires in the US. That means that roughly 2% of millionaires in the US are millennials.
The Coldwell Banker Global Luxury program worked with wealth intelligence data and research firmWealthEngine to analyze the lifestyles of millennial millionaires, from wealth creation and property investments to spending trends. It defined millennial millionaires as those ages 23 to 37 with a net worth of more than $1 million.
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Millennial millionaires differ from the millionaires of the early 1980s (the time of America's last millionaire boom) in that they're set to inherit even more wealth from their baby boomer parents, considered history's wealthiest generation, according to the report.
The Great Wealth Transfer is going to make rich millennials even richer
It's estimated that $68 trillion will be passed down from boomers within the next few decades during the "Great Wealth Transfer." By 2030, millennials will hold five times as much wealth as they do today.
"While the inheritance component is hard to quantify with the current data available, there are still many millennials who are not considered wealthy today, but will be in the future," the report stated.
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Paul Donovan, chief global economist of UBS Wealth Management, previously told Business Insider's Jim Edwards that millennials will be the richest generation ever. Because the millennial generation is smaller than the boomer generation they're inheriting from, he said, wealth will be more concentrated upon transferal.
"From a big-picture viewpoint, millennials will likely receive the greatest wealth transfer in modern history from the baby boomers," Jason Dorsey , a researcher of millennials, consultant, and president of The Center for Generational Kinetics , previously told Business Insider . "However, the reality is that baby boomers are healthier and living longer than even they planned, so that wealth transfer might not happen for 20-plus years."
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SEE ALSO: 7 ways rich millennials spend and display their money differently than rich baby boomers
DON'T MISS: Rich millennials are creating new trends and status symbols here are 7 ways they're redefining what luxury looks like
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