America's Ultra-Wealthy Millennials: Redefining Wealth, Legacy, and Values
As wealth advisors, we're accustomed to seeing the financial torch passed from generation to generation. But today, it's not just being handed off but reinvented. A growing share of America's ultra-wealthy—defined as those with $25 million or more in net worth—is made up of Millennials. And this new generation of wealth holders is reshaping what it means to live richly, leave a legacy, and engage with their advisors.
A Powerful and Growing Force in Wealth
Traditionally, the ultra-wealthy were presumed to be older, seasoned investors and entrepreneurs with decades of asset appreciation behind them. However, recent insights reveal that Millennials now represent 43% of the ultra-wealthy population, outpacing both Baby Boomers and Gen Xers. This is not a statistical anomaly. It indicates that the next generation is arriving early and with conviction.
For families and advisors alike, understanding this cohort is not optional—it's essential.
The Millennial Mindset: Wealth With Purpose
Millennials deeply value wealth accumulation, but they are not driven by consumption. An overwhelming 87.5% of ultra-wealthy Millennials report greater satisfaction from saving and investing than spending. Wealth is not a finish line to them; it's a foundation.
Their vision of a fulfilling life includes alignment with personal values, strong relationships, and professional accomplishment. In contrast to popular stereotypes, Millennials are deeply principled, with a keen desire to achieve success and significance.
Financial Anxiety and Discipline Go Hand-in-Hand
Despite their balance sheet strength, Millennials are financially vigilant. They're more likely than other generations to worry about rising interest rates and the erosion of purchasing power. That vigilance may be a function of their financial origin story—many came of age during the 2008 financial crisis and have navigated volatile markets, rising education costs, and, more recently, inflationary pressures.
This concern, however, doesn't manifest in fear—it motivates disciplined behavior. Millennials are engaged investors and intentional savers. They're committed to maintaining, if not enhancing, their financial position. And they're clear-eyed about the implications of debt and economic cycles.
Building a Multi-Dimensional Legacy
For these affluent Millennials, legacy means more than a trust fund. While 59.8% cite the importance of passing down significant financial assets, nearly as many prioritize transferring their way of life (53.6%) and their morals and values (44.3%).
This holistic view of inheritance signals a generational shift. Millennials are positioning wealth as a vehicle to perpetuate meaning—educational opportunities for their children, charitable impact for their communities, and a continuation of family values that endure across time.
Notably, 80% are also considering pet care in their estate plans, demonstrating just how far-reaching their concept of stewardship extends.
A New Relationship With Advice
Millennials aren't just accumulating wealth—they're seeking to understand it and extend that knowledge to future generations. They overwhelmingly want their financial advisors to be involved in educating their heirs, with one-on-one sessions and digital education tools ranking high among their preferences.
In our practice, we've seen a desire for collaborative, communicative, and values-aligned advice firsthand. Millennials want more than portfolio management. They want a trusted partner who understands the mechanics of financial growth and its meaning.
The Spirit of Giving: Intentional and Impactful
Charitable giving is central to many Millennials' financial lives. Their philanthropy is not incidental—it's deliberate. Most contribute annually to causes such as education, environmental preservation, and religious institutions, often through donor-advised funds (DAFs), which offer flexibility and strategic tax planning opportunities.
81.4% of ultra-wealthy Millennials have already established and funded a DAF. Many also write checks, include charitable provisions in their estate plans, and seek ways to align their giving with their broader legacy goals.
Final Thoughts: A Generation to Watch—and to Learn From
The emerging class of ultra-wealthy Millennials is not merely inheriting wealth—they are redefining its purpose. They view money as a means of empowerment, legacy, and moral expression. They are disciplined, discerning, and deeply values-driven.
For families, this presents an opportunity to bridge generational perspectives. For advisors, it's a call to elevate our approach—engaging not only the mind but the heart, and stewarding wealth for returns and meaning.
At Sorensen Wealth Management, we're proud to guide our clients of all generations through these complex transitions with clarity, integrity, and purpose.
If you're a Millennial charting your financial course, or a parent or grandparent hoping to engage the next generation, now is the time to begin the conversation.
Insights from John J. Bowen Jr. inspired this blog.
