The Surprising Sources Of An 'Upper-Class' Millennial's Net Worth

The millennial generation is an often-talked-about selection of the American population, and its members' individual financial situations are extremely diverse. While millennials may be disappointed by the results of the great wealth transfer many expect to come as baby boomers reach the end of their lives, inheritance plays a much smaller role in the financial picture of this generation's upper class than you might think. A few crucial divisions have formed in the financial habits of this cohort, and Worth's 2024 survey of nearly 2,000 high-income and high-net-worth millennials illustrates some of the broader points of this distribution. Every participant earned at least $250,000 per year — or $350,000 if they lived in more expensive metros — and/or had a household net worth above $1 million. Analyzing both the survey's results and data from the U.S. Census Bureau, Worth found that 94% of participants have bought property despite the fact that only 51.5% of their generation as a whole owned a home. Seeing as Redfin reports home values increased at an annualized rate of 4.27% from 1969 to 2024, this status symbol could prove a key net worth enhancer for the cohort.

Other facets of the income of upper-class millennials are also fairly instructive: 81% of upper-class millennials cite a salary as a source of income, compared to virtually the entirety of older generations during their working years. Instead, this younger cohort is turning to entrepreneurship to drive income and wealth, with 41% reported as business owners.

Notably, the Worth survey found 77% of upper-class millennials say they derive their net worth from investment returns, with around 27% of their total wealth coming from this bucket. The outlet also found that 86% of upper-class millennials are married, providing the potential for couples with dual incomes and no kids to form and rake in cash while splitting living expenses. The study also found that 71% of wealthy millennials have at least one child, a much higher portion than the generation as a whole: According to Pew Research Center, only 30% of millennials lived with a spouse and child as of 2020.

Some of this firm footing undoubtedly comes from their own childhoods. 43% of Worth's survey participants report growing up in an upper-income household. This naturally affords a greater selection of life choices that can translate into building individual wealth later down the line. For instance, unpaid internships are often an essential work experience component for high-paying jobs, but lower-class hopefuls — and jobseekers from disenfranchised communities in particular — are often completely barred from these roles out of financial necessity. Meanwhile, those from wealthier households may be able to take the hit to their income, and some millionaires even benefit from hiring their kids. Still, more than half of survey participants report coming from backgrounds that lacked these additional door-opening opportunities, suggesting that savvy financial choices and a strong starting position could each have their own merits for those trying to enter the upper class.