WealthEngine Releases First Annual Millennial Wealth Report
BETHESDA, MD, May 29, 2019 — Today, WealthEngine’s Research Lab published its inaugural Millennial Wealth Report revealing that this largest and most diverse generation will inherit $68 trillion in “the Great Wealth Transfer.” The 2019 Millennial Wealth Report dives deep into the demographics of the millennial population, as well as social and economic trends that influence how this unique group spends and gives its money.
“Everyone wants to understand and connect with millennials,” says Raj Khera, EVP of Customer Growth. “I see the power they have as consumers and as major influencers in the market. And yet, their complete wealth picture is complicated since much of the assets they draw from are really in their parents’ names. It’s a fascinating challenge to tackle.”
The 2019 Millennial Wealth Report is a publicly available document and contains information regarding how millennials differ from their generational predecessors, how these differences inform their decision making and how they’ll approach the money they receive in the Great Transfer of Wealth. The information gathered in this general report is represented graphically and will be elaborated on in industry-specific millennial reports that will be available soon.
The report goes on to say that when these millennials receive this transfer of wealth, they will hold five times as much as wealth as they have today, by the year 2030. With their increased buying power, millennials are expected to influence the ways nonprofit and for-profit organizations function, and how they deploy personalized and wealth-aware campaigns.
As the largest and most diverse generation in the United States, surpassing baby boomers, millennials are spreading throughout the United States. Although most millennials predominantly reside in major cities, millennial millionaires primarily live in suburban areas such as Potomac, Maryland and Cupertino, California.
“Millennials expect to make an impact,” says Khera. “They spend with companies that align with their interests and they give carefully to causes. The companies who can make personal and meaningful connections with this coveted demographic will win the marketing game.”
About WealthEngine: WealthEngine works with more than 3000 industry-leading financial services, higher education, healthcare systems, advocacy, and high-end hospitality organizations to deeply understand their current and prospective donors and customers. Our cloud-based prospect engagement platform contains WE Profiles for 250M adults in the U.S., enriched with demographics, lifestyle and affinity, charitable/political giving history, real-estate and other wealth signals. WealthEngine also is an ardent supporter of its local community and a member of the 1% Pledge movement. To learn more visit: WealthEngine.com.
Contact: Raj Khera, EVP Customer Growth, firstname.lastname@example.org, 240-270-1859