Meet The Millennial 1%: Young, Rich, And Redefining Luxury
Two Millennials walk into a bar wearing denim jeans, Converse sneakers, and carrying iPhones. They are identical except for one factor: one makes more than six figures a year, while the other is unemployed and lives at home. Affluent Millennials may be hard to pick out of a crowd, but they are redefining the luxury industry.
There are currently 11.8 million Millennials age 18-30 living in U.S. households with annual incomes exceeding $100,000, according to the Ipsos Mendelsohn Affluent Survey. Plus, never before has such a large group of young people been raised by wealthy parents: 34% of today’s Millennials have been wealthy throughout their lifetime, say American Express and the Harrison Group.
“There are more out there than you expect,” says The Luxury Institute’s Milton Pedraza. “If you are a 28-year-old working as a creative executive, you are making $130,000 a year and are most likely are single. It’s not as if you have a lot of assets. You might have some debt, but there’s still a lot of disposable income to go to technology, travel, and entertainment.”
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