Fidelity Investments released the results of its ninth millionaire outlook study, which shows that the face of wealth is changing and is beginning to “tip” to Generation X and millennials.
Other studies have shown Gen X and millennials will surpass baby boomers in terms of holding the most wealth in the country.
The Fidelity study finds that the share of millionaires who are Gen Xers and millennials is growing fast – from 8% in 2012 to 18% now.
While the number of younger millionaires is growing, the number of these millionaires that use financial advisors is actually falling.
The Fidelity study finds that 58% of Gen X and millennial millionaires are currently working with a financial advisor. This is down from 72% five years ago. According to Fidelity, this group represents both an opportunity and a risk for the wealth management industry.