Millennial millionaires have something in common, besides their wealth: where they live.
A new report by Coldwell Banker looked at the top 10 states where America's millennial millionaires — of which there are 618,000 — live, and found that they're pretty concentrated.
The Coldwell Banker Global Luxury program worked with wealth intelligence data and research firm WealthEngine to analyze 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 $1 million.
Almost half of millennial millionaires live in California, which has the highest percentage of business owners and real estate investors, according to the report. And all states but one — Illinois — are on the coast.
See below for the top 10 states where America's millennial millionaires live.
10. Maryland — Maryland has the most millionaires per capita as of 2018.
T7. New Jersey — Located across the Hudson River from New York City, New Jersey offers a more affordable housing alternative for those who work in the city.
T5. Florida — Florida has year-long tropical weather, with sandy beaches that stretch for miles. Miami, Jacksonville, and Tampa, in particular, are all hot cities for millennials.
2. New York — A finance hub, New York City is home to wealthy investment bankers. But The Big Apple isn't New York's only draw: The state is full of smaller towns, like Rochester, which Forbes once listed as one of the best places to raise a family.
1. California — From California's Hollywood movie industry to the tech bubble of Silicon Valley, it's no surprise that the most millennial millionaires live in the "Golden State."
