According to the CNBC Millionaire Survey, Nearly half of millennial millionaires have at least 25% of their wealth in cryptocurrencies.
Some 47% of millennial millionaires surveyed have more than 25% of their wealth in cryptocurrencies, according to the survey of 750 investors with at least $1 million in investible assets. More than a third of millennial millionaires have at least half their wealth in crypto.
The results highlight a new generational divide in wealth creation from crypto, with younger investors who spotted the trend early on able to earn vast fortunes and grow their existing investments from the surge in the prices of bitcoin, ether and other digital currencies.
The importance of crypto to young millionaires could shift the wealth management industry, as private banks, brokers and wealth management firms scramble to cater to a new, crypto-heavy clientele. In the coming years, the key to attracting the next generation of wealthy clients could be more about crypto than traditional stocks, bonds, private equity and hedge funds.
Nearly half of millennial millionaires surveyed own NFTs, and 40% say they don’t currently own an NFT but have “considered” it. That compares with 98% of baby boomer millionaires who say they don’t own any NFTs and aren’t considering it.