There are 618,000 Millennial Millionaires

Source: Coldwell Banker Global Luxury

Millennials are defined as those born between 1982 and 1996, or ages 23 to 27 in 2019.

A millionaire is defined as an individual with a net worth of over $1 million.

This population is growing and they're getting richer. By 2030, millennials will hold five times as much wealth as they do today, according to a report from Coldwell Banker Global Luxury and WealthEngine.

Millennials are also expected to inherit over $68 trillion from their predecessors in the Great Transfer of Wealth, which refers to the trillions of dollars that will be passed down to millennials from their baby boomer parents, who are considered the wealthiest generation in history.

Almost half, 44%, of the millennial millionaires are concentrated in California. The Golden State also has the highest percentage of business owners (23%) and the highest percentage of real estate investors.

New York is home to 14% of the millennial millionaire population and ranks No. 2 in terms of states with the most millennial millionaires.

The top ZIP code for young millionaires? It's not in CA or NY: it’s in Traverse City, Michigan (zip code 49685).

Historically a tourist destination, the Lake Michigan beach town has a luxury home market that starts at $500,000.

In terms of locations, millennials tend to prefer markets that are more affordable, (i.e., often in the suburbs or second-tier cities, where their money is worth more).