While crippling student debt, high unemployment rates, and a recovering economy have put a damper on wealth outlook for Millennials, a notable portion of the generation is actually doing quite well for itself. As a matter of fact, a recent report from the Shullman Research Center found that 23% (roughly five million) of millionaires are actually Millennials; more than the total of Generation X millionaires, which stands at about four million, and about half that of Baby Boomers, a generation that had a 30-year head start.
It starts sooner than we might have thought. The moment comes early when you realize that you can make your first serious purchase. In the case of my son, it's a new phone. He truly is passionate about phone technology, from the science and marketing behind the very first iPhone to the latest and greatest new products.
Americans are uploading photos by the hundreds of thousands. In fact, according to Yahoo, it's something like 880 billion! Says Business Insider, "That's 123 photos for every man, woman and child on Earth." Every minute, 27,800 photos are uploaded to Instagram. And Facebook sees over six billion photos per month. The numbers are staggering.
Recently, my columns have been focusing on wealthy consumers (millionaires -consumers with a personal net worth - total assets less total liabilities - of $1 million or more). These have generated some interesting feedback from readers regarding the wealthy - about 20 million adults, according to our survey's projections based on Bureau of the Census estimates.