Generation Gaps Among the Wealthy

This Insights brief, Generation Gaps Among the Wealthy, delivers our current update regarding a topic that continues to be noted very prominently in today’s pre-election news, America’s wealthy consumers and how they differ from the average American. The wealthy, America’s millionaires with personal liquid assets of $1 million or more differ, as luxury, affluence and wealth services marketers might expect, from the average American… and differ from each other as well, especially when you look at them across generations.

For a start, this wealthy segment of 19 million American millionaires reports they have almost ten times as much saved or invested as the average adult — and more than twice the average household income; and Gen-Xer millionaires report they hold more personal liquid assets on average than the other generations. However, marketers targeting all the millionaire generations would be wise to realize there are other surprising differences in this world of the rich. For example, when it comes to entrepreneurship, millionaire Gen-Xers are in the forefront, but Millennials lead the way when it comes to reporting they own a business with gross sales or revenues of $100 million or more. That, in turn, shows up in their ability to provide jobs, with Millennials virtually tied with Gen-Xers in the number of employees their businesses employ.

Surprisingly, even millionaire Millennials have money concerns, with almost half of them worried about having enough money for daily living expenses, as well as about their ability to provide protection for their families in case of their deaths. Other top concerns show clear differences among the millionaire generations: Gen-Xers rate their own health as their number one issue; Boomers weigh in on having enough money for a comfortable retirement, as well as their family’s health; and Millennials are far ahead of others in worrying about inflation, crime, and taking care of their parents. As such, it is evident that Millennial millionaires, often tagged with a “me first” attitude, do indeed care about others… giving us all hope for the future.

In short, if you are a luxury, affluence or wealth services marketer targeting millionaires, you need to understand how they differ generationally. The following ten topics about America’s wealthy are highlighted in this Insights brief, that includes many more details than this summary:

  • Estimated personal liquid assets
  • Household income
  • Gender
  • Education
  • Marital status
  • Principal residence data
  • Ownership of a business
  • Financial goals
  • Current concerns
  • Luxury buying habits

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