There are 618,000 millennial millionaires in the US, and they’re on track to inherit even more wealth from the richest generation ever

Millennial millionaires will become even richer. PAUL CHILDS/Reuters

The millennial millionaires of today are set to become even richer.

According to a new report by Coldwell Banker, there are 618,000 millennial millionaires in the US. That means that roughly 2% of millionaires in the US are millennials.

The Coldwell Banker Global Luxury program worked with wealth intelligence data and research firm WealthEngine to analyse the lifestyles of millennial millionaires, from wealth creation and property investments to spending trends. It defined millennial millionaires as those ages 23 to 37 with a net worth of more than $US1 million.

Millennial millionaires differ from the millionaires of the early 1980s (the time of America’s last millionaire boom) in that they’re set to inherit even more wealth from their baby boomer parents, considered history’s wealthiest generation, according to the report.

Read more: Here’s exactly what millennials should be doing every five years to become rich, according to a financial planner

The Great Wealth Transfer is going to make rich millennials even richer

It’s estimated that $US68 trillion will be passed down from boomers within the next few decades during the “Great Wealth Transfer.” By 2030, millennials will hold five times as much wealth as they do today.

“While the inheritance component is hard to quantify with the current data available, there are still many millennials who are not considered wealthy today, but will be in the future,” the report stated.

Paul Donovan, chief global economist of UBS Wealth Management, previously told Business Insider’s Jim Edwards that millennials will be the richest generation ever. Because the millennial generation is smaller than the boomer generation they’re inheriting from, he said, wealth will be more concentrated upon transferal.

“From a big-picture viewpoint, millennials will likely receive the greatest wealth transfer in modern history – from the baby boomers,” Jason Dorsey, a researcher of millennials, consultant, and president of The Centre for Generational Kinetics, previously told Business Insider. “However, the reality is that baby boomers are healthier and living longer than even they planned, so that wealth transfer might not happen for 20-plus years.”