There is no looking back for the American millionaires belonging to the millennial generation born between 1991 and 1996. They are among the most promising wealthy individuals with a high net worth that keeps multiplying at an incredible rate. The number of young American millionaires is growing very fast. It can be a cause of envy for people like Eric Dalius. Despite belonging to the elite league of millionaires today, they had to slog it out for more than two decades. To acquire the level of Eric Dalius networth that we see now. According to reports available from 2019, the millennial millionaires of today are likely to grow their wealth at least five times by 2030.
How is Eric Dalius net worth different from that of the millennial generation?
It goes without saying that it needs a lot of hard work to taste financial success and the life of Eric Dalius is a glaring example of it. It is the same with many other millionaires and billionaires like Warren Buffet, Jeff Bezos, and also Steve Jobs. They made humble beginnings and used their business acumen, entrepreneurial, and investment skills. To build the vast financial empire brick by brick over the years. Eric Dalius had to toil extremely hard to carve. A place of his own as a successful marketer and also entrepreneur. And rewarded after more than 25 years by joining the league of millionaires in Miami.
However, the story of the millennial generation amassing wealth in the shortest time is entirely different than the story behind Eric Dalius networth. The millennials constitute only 2% of the millionaire population of the US, but many of them became almost instant millionaires by investing in the hot real estate market of South Florida. Florida is among the top 5 states dominated by millennial millionaires in the age group of 24 -37 years.
More reasons for adding new millionaires
The percentage of millennial millionaires will increase sharply within the next few decades. As the millennial population awaits the inheritance of the bounty of wealth amassed by their Baby Boomer parents. According to a report from a business development service company, Coldwell Banker Global Luxury and also Wealth Engine. The estimated amount of money that the millennial population will inherit are around $68 trillion, which is enough to create a few hundred millionaires and some billionaires too.
Miami is attracting more millionaires
Besides adopting aggressive investment strategies for growing wealth, millennial millionaires keep away. From the lure of extravagant lifestyle and also pay single-minded devotion to wealth creation by making some compromises. After achieving a certain level of luxurious living, millennial millionaires are moving to more affordable cities and access all opportunities of meeting people in gatherings. And other social forums to reinforce their networking. The saving-oriented approach is entirely different from the old school of wealth-building. That did not mind flaunting the richness and kept increasing it at every opportunity.
The millennial millionaires are mainly business owners. And also are a majority among the community as they constitute 14% of the total 22% millionaires who own some businesses.