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According to the CNBC Millionaire Survey, nearly half of millennial millionaires have at least 25% of their wealth in cryptocurrencies, as the crypto boom continues to build wealth for young early adopters.
According to a survey of 750 investors with at least $ 1 million in assets to invest, 47% of Millennials surveyed have more than 25% of their wealth in cryptocurrencies. Over a third of millennial millionaires have at least half of their wealth in crypto.
The findings highlight a new generational divide in creating wealth from crypto, with young investors who spotted the trend early on being able to earn vast fortunes and grow their existing investments, thanks to soaring investments. price of bitcoin, ether and other crypto.
Older millionaires are much less likely to believe in or invest in crypto. According to the survey, 83% of US millionaires have no crypto wealth, and only one in 10 keeps more than 10% of their wealth in crypto assets. None of the baby boomer millionaires or the older generations have more than 10% of their wealth in crypto.
“Younger investors jumped on it early when it wasn’t as well known,” said George Walper, chairman of Spectrem Group, which conducted the Millionaire Survey with CNBC online in April and May. “Younger investors were more intellectually engaged in the idea even though it was new. Older investors and baby boomers were largely saying ‘Is it legitimate?’
The importance of crypto to young millionaires could change the wealth management industry as private banks, brokers and wealth management companies scramble to cater to a new crypto-heavy clientele. In the years to come, the key to attracting the next generation of high net worth clients may be more crypto than traditional stocks, bonds, private equity and hedge funds.
“We are already seeing the industry react,” said Walper. “We are seeing more and more vendors offering access to crypto investing. It changes fast. “
The generation gap between millionaires is even more marked when it comes to non-fungible tokens. Most millionaires say they don’t know what an NFT is, and over a third say they are an “over-the-top fad.” Yet two-thirds of millennial millionaires say DTV “is the next big thing.”
Almost half of millennial millionaires surveyed own DTVs, and 40% say they do not currently own DTV but have “considered” it. This compares to 98% of baby boomer millionaires who say they don’t own DTV and don’t consider doing so.
“NFTs have only recently started gaining coverage,” Walper said. “So the older generations are further behind in understanding. “
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