You have no doubt heard about millennial millionaires with regards to tech wealth… but what happens when these same individuals are a proportion of those set to inherit a collective $68 TRILLION? That is the topic of this week’s Monday Market Update, as we are about to reveal who the millennial millionaires are and where they live.
Just last week, the Silicon Valley Business Journal detailed the prime differences between the millionaires of the 1980’s and those of today: much of the Bay Area’s rapid wealth has been built on account of rapidly appreciating home values from Baby Boomers, considered the wealthiest generation in history. So, what happens when the wealthiest generation in history leaves behind a Silicon Valley legacy and high value property to go with it? The region’s young tech wealth become even wealthier.
According to the article, 44% of the nation’s millennial millionaires are forecasted to reside in California, followed by 14% in New York and 5% in Florida, Massachusetts & Texas each.
When looking at the 10 zip codes with the highest concentration of projected millennial millionaires, 5 are in Santa Clara County: Cupertino (95014), Almaden Valley in San Jose (95120), Cambrian Park in San Jose (95124), Sunnyvale (94087) & Willow Glen in San Jose (95125). Not surprisingly, San Mateo County made the list with the Burlingame/Hillsborough/San Mateo zip code of 94010.
In weeks to come, we will address what this data means for Baby Boomers today and for their children in the years to follow. In the meantime, we encourage you to read the original article listed below for valued perspective on Silicon Valley wealth that has been acquired through tech and housing.
All my best,
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/