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Next Gen Millionaires are More Hands-On Investors


The next generation of millionaires are taking a different approach to their wealth than the baby boomers, working hard to grow their money with aggressive investment strategies.

Although Gen X and Gen millionaires acknowledge that inheritance helped build their fortune, they are working hard to grow their money. A survey from Fidelity Investments revealed that the next generation of millionaires has a very positive financial outlook and is actively engaged with investments.

The Gen X/Y millionaires — ages 48 and younger with an average age of 37 — are averaging 30 trades per month and their personal involvement in investment is high. According to Fidelity, they are more likely to make changes to their investment strategy.

“Gen X/Y millionaires are taking a dramatically different approach to their wealth than the older generations, signaling a new era of wealthy investors,” Bob Oros, executive vice president, Fidelity Institutional Wealth Services, said in a statement.

Next generation millionaires have already surpassed their older counterparts in total assets, $5.7 million to $5.2 million. As a result, Oros expects Gen X/Y millionaires will drive change among the investors, the advisors and the financial services industry.

Older investors keep with consistent investing strategies with 43% deciding not to add any asset classes in the last year. Meanwhile, Gen X/Y millionaires see money as a source of opportunity, using aggressive investment opportunities and adding complex investments like foreign currency, international individual securities, venture capital and derivatives.

“Gen X/Y millionaires are hands-on, sophisticated investors who are constantly researching new ways to grow their wealth,” said John Sweeney, executive vice president of Retirement and Investment Strategies at Fidelity Investments. “They have taken personal accountability for their financial futures: they’re getting educated, staying involved and seeking guidance from financial professionals and other trusted sources — a good roadmap for all investors.”

Their financial success isn’t all about them, though. While it’s true Gen X/Y millionaires are living large, with more owning vacation homes, flying first class and taking annual foreign vacations than older millionaires, they are also generous.

As they are more likely to feel wealthy than baby boomer millionaires (91% to 74%, respectively), next generation millionaires are more likely to volunteer or serve on the board of a charity. Plus, they average $54,000 in donations each year.

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