Millennial millionaires are more likely than their elders to name family connections as the source of their wealth — 24 percent of millennials credited family for their wealth, compared to six percent of all millionaires. Millennials were less likely to credit factors like hard work, education and taking risk.
When millennial millionaires were asked where the future growth in their wealth would come from, 52 percent responded that income from a current or future job — a sign that millennial millionaires are still working and will continue to work despite their wealth, according to Spectrem.
While many millionaires expressed personal concerns related to their children and grandchildren, millennial respondents were more likely to be concerned about a business entity that they own, possibly because many millennials do not have children or are just starting their own families.
Spectrem’s research is based on surveys conducted earlier this year of households segmented by age and net worth.