A survey of 1,000 high-net-worth individuals found that 94% of those under 44 years old among them collect items like watches, jewelry and wine
Younger high-net-worth individuals in the US, particularly millennials and Gen Zers, are at least twice more likely to invest in collectibles, per a new survey by Bank of America Private Bank.
Based on responses from over 1,000 high-net-worth individuals, the survey shows that 94% of those under 44 years old in this demographic collect items like watches, jewelry and wine, compared to 80% of Gen Xers and 57% of Baby Boomers.
No more stocks, sneakers it is
Millennials and Gen Zers also show strong interest in categories like rare cars and sneakers, indicating a generational shift in investment strategies and cultural interests.
The only category where older generations slightly lead is coin collecting, with a close margin of 27% vs 26% among the younger group.
Moreover, 83% of young wealthy Americans expressed a strong interest in art, either as current owners or potential future collectors, surpassing the interest levels of older generations.
Katy Knox, President of Bank of America Private Bank, attributes this trend to profound societal changes and the unprecedented generational transfer of wealth.