In the first quarter of 2024, 51.8 percent of the total wealth in the United States was owned by members of the baby boomer generation. In comparison, millennials own around 9.4 percent of total wealth in the U.S. In terms of population distribution, there is almost an equal share of millennials and baby boomers in the United States.

In the third quarter of 2024, 51.6 percent of the total wealth in the United States was owned by members of the baby boomer generation. In comparison, millennials owned around ten percent of total wealth in the U.S. In terms of population distribution, there is almost an equal share of millennials and baby boomers in the United States.

This statistic shows the wealth management objectives for high net worth individuals from the Millennial age cohort, listed for two brackets of affluency, in the EMEA region (Europe, Middle East, Africa) as of 2016. As the data showed, approximately 38 percent of the mass affluent Millennials in EMEA looked into wealth management services to outperform the market index. That ambition was shared by 51 percent of Ultra-rich Millennial HNWIs.

This statistic illustrates how the Millennial generation view their personal willingness to spend money in the United Kingdom (UK) as of January 2016. It can be seen that at that time 25 percent of Millennials considered themselves to be 'spenders' as opposed to 'savers'.

This statistic illustrates the parental influence on the Millennial generations financial management habits in the United Kingdom (UK) as of January 2016. It can be seen that at that time ** percent of respondents stated that their parents had a negative influence on their money management habits.

This table has been archived and replaced by table 36100664. Income quintiles are assigned based on the equalized household disposable income. This takes into account differences in household size and composition. The Oxford-modified equivalence scale is used; it assigns a value of 1 to the first adult, 0.5 to each additional person aged 14 and over, and 0.3 for all children under 14. The coefficients of variation from Statistics Canada's Survey of Financial Security for 2012 and 2016, which serve as indicators of the accuracy of these estimates for net worth and its components, are available in the appendix to Distributions of Household Economic Accounts, estimates of asset, liability and net worth distributions, 2010 to 2019, technical methodology and quality report for the March 2020 release. Age groups refer to the age group of the major income earner. This refers to the main source of income for the household, that is, wages and salaries, self-employment income, net property income, current transfers received related to pension benefits, or other current transfers received from non-pension related sources.
Self-employment income refers to mixed income related to non-farm and farm businesses. Household rental income is not included. Revenues from Current transfers received - pension benefits relate to current transfers received from corporations for employer's pension plans and current transfers received from government for the Canada and Québec pension plans (CPP/QPP) and the Old Age Security program including the Guaranteed Income Supplement (OAS/GIS). Revenues from Current transfers received - others, relate to all other current transfers received not included in Current transfers received - pensions benefits, that is, it includes current transfers from the government sector except for the Canada and Québec pension plans (CPP/QPP) and from the Old Age Security Program (OAS) and the Guaranteed Income Supplement (GIS). It also includes current transfers from Non-profit institutions serving households (NPISH) and from the non-residents sector. Owner/Renter refers to the housing tenure of a household. Households that have subsidized rents (partially or fully) are included under Renter. Distributions by generation are defined as follows and are based on the birth year of the major income earner: pre-1946 for those born before 1946, baby boom for those born between 1946 and 1964, generation X for those born between 1965 and 1980 and millennials for those born after 1980. Note that generation Z has been combined with the millennial generation as their sample size is relatively small. Life insurance and pensions include the value of all life insurance and employer pension plans, termination basis. Excludes public plans administered or sponsored by governments: Old Age Security (OAS) including the Guaranteed Income Supplement (GIS) and the Spouse's Allowance (SPA), as well as the Canada and Quebec Pension Plans (CPP/QPP). Other financial assets include total currency and deposits, Canadian short-term paper, Canadian bonds and debentures, foreign investments in paper and bonds, mortgages, equity and investment funds, and other receivables. Other non-financial assets include consumer durables, machinery and equipment, and intellectual property products. Excludes accumulation of value of collectibles including coins, stamps and art work. Other liabilities include major credit cards and retail store cards, gasoline station cards, etc., vehicle loans, lines of credit, student loans, other loans from financial institutions and other money owed. Owner's equity refers to the value of the interests of an owner or partial owner in an asset, in this case real estate, divided by household real estate, which includes the value of structures (residential and non-residential) and land owned by households. Distributions of Household Economic Accounts (DHEA) estimates are benchmarked to year-end estimates for liabilities and assets from the National Balance Sheet Accounts (NBSA, Table 36-10-0580-01), and for annual household disposable income from the Provincial-Territorial Economic Accounts (Table 36-10-0224-01). DHEA ratios for debt to disposable income, real estate as a share of disposable income, and net worth as a share of disposable income differ from those included in “Financial indicators of households and non-profit institutions serving households, national balance sheet accounts” (Table 38-10-0235-01) as the latter source adjusts disposable income for the change in pension entitlements. The measure of disposable income used for the DHEA ratios is more consistent with that shown in “Household sector credit market summary table, seasonally adjusted estimates” (Table 38-10-0238), which does not adjust disposable income for the change in pension entitlements.

Generation X was the largest group of mass affluent investors who used alternative investments in 2021, but the generation that saw the highest future usage opportunity of alternatives was millennials. While only around one third of affluent millennials currently used alternatives in 2021, the share who saw its future usage opportunity was 60 percent.

In 2024, stocks were identified as the leading investment product among Gen Z and millennial investors, with ** percent of millennials expressing a preference for this asset. Retirement investment accounts (e.g., 401(k), IRA) ranked as the ****** most popular choice among millennials. In contrast, REITs received the lowest level of engagement from both groups.

Internet Crowdfunding and Wealth Management Market Outlook

The global Internet Crowdfunding and Wealth Management market size was valued at approximately $13.5 billion in 2023 and is anticipated to witness a significant growth, reaching around $28.6 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 8.9% during the forecast period. This remarkable growth is primarily driven by the rapid digitalization of financial services and the increasing preference for online platforms that offer convenience and accessibility. Furthermore, the democratization of investment opportunities and the growing awareness of wealth management options are further propelling the market forward, creating a robust ecosystem for both investors and fundraisers.

The proliferation of internet usage and advancements in financial technology are major growth factors contributing to the expansion of the Internet Crowdfunding and Wealth Management market. As internet penetration continues to increase globally, there is a corresponding rise in the number of people who have access to digital platforms for financial transactions. This accessibility has made it easier for individuals and businesses to participate in crowdfunding campaigns and seek wealth management services online. Additionally, the rise of fintech innovations has enhanced the functionality and security of online platforms, making them more attractive to users. As technology continues to evolve, these platforms are expected to offer more sophisticated tools and services, further driving market growth.

Another significant growth factor is the changing demographic landscape, particularly the increasing financial literacy and tech-savviness among millennials and Gen Z. These generations are more inclined to use digital platforms for managing their finances, seeking investment opportunities, and engaging in crowdfunding activities. They are typically more comfortable with technology and more open to exploring non-traditional financial services, such as crowdfunding and digital wealth management. As this demographic continues to grow in economic influence, their preferences are expected to shape the future of the market, leading to increased demand for innovative and user-friendly financial platforms.

The regulatory environment also plays a crucial role in the growth of the Internet Crowdfunding and Wealth Management market. Governments and regulatory bodies across the globe are increasingly recognizing the potential of these digital platforms to enhance financial inclusion and stimulate economic growth. As a result, there is a trend towards creating more supportive regulatory frameworks that facilitate the growth of crowdfunding and wealth management platforms while ensuring consumer protection. These regulatory advancements, coupled with incentives for innovative financial solutions, are expected to boost market growth further.

Regionally, North America currently holds the largest market share in the Internet Crowdfunding and Wealth Management market, driven by the presence of key market players and a well-established financial services sector. However, the Asia Pacific region is anticipated to witness the highest growth rate during the forecast period, owing to the rapid digital transformation in financial services and increasing internet penetration. The growing middle-class population in countries like China and India is also contributing to the rising demand for online financial services, making Asia Pacific a key region for market expansion. Meanwhile, Europe is expected to maintain steady growth, with a focus on regulatory advancements to support the digital finance ecosystem.

Platform Type Analysis

The Platform Type segment of the Internet Crowdfunding and Wealth Management market is categorized into Donation-based, Reward-based, Equity-based, and Debt-based platforms. Donation-based crowdfunding platforms have gained popularity for facilitating social and charitable causes. These platforms allow individuals and organizations to raise funds for various initiatives without the need for repayment or financial returns. As social entrepreneurship and philanthropic activities increase worldwide, donation-based platforms are expected to maintain a stable growth trajectory. The ease of access and the emotional connection fostered through these platforms make them an integral part of the crowdfunding landscape.

Reward-based crowdfunding platforms offer backers a tangible or intangible return on their investment, typically in the form of products or services. This type of crowdfunding has been instrumental in supporting crea

This statistic illustrates the most popular disposable income spending habits of the Millennial generation in the United Kingdom (UK) as of January 2016. It can be seen that ** percent of Millennials stated that socialising was where their remaining disposable income was most likely spent at that time.

ESG Wealth Management Product Market Outlook

The global ESG (Environmental, Social, and Governance) Wealth Management Product market size was valued at approximately USD 1.5 trillion in 2023 and is projected to reach USD 4.2 trillion by 2032, growing at a compound annual growth rate (CAGR) of 12.1%. The growing emphasis on sustainable investing, coupled with increasing awareness of environmental and social governance issues, is a key factor driving the marketÂ’s robust expansion. Investors are increasingly seeking products that not only provide financial returns but also contribute positively to societal and environmental outcomes.

The growth of the ESG Wealth Management Product market is significantly driven by heightened awareness and demand for sustainable investing. Investors today are more conscious of the impact their investments have on the planet and society. This shift is being supported by a plethora of frameworks and guidelines, such as the United NationsÂ’ Principles for Responsible Investment (PRI), compelling asset managers and financial advisors to incorporate ESG criteria into their products and services. Additionally, regulatory bodies across regions are pushing for greater transparency and disclosure of ESG metrics, further amplifying the demand for these products.

The technological advancement in financial tools and platforms is another critical factor propelling market growth. With the advent of sophisticated AI-driven analytics and big data technologies, asset managers can now better assess ESG risks and opportunities. This capability enables the creation of more refined and targeted investment products that align with the specific ESG goals of different investor segments. Furthermore, digital platforms and robo-advisors are making it easier for retail investors to access ESG wealth management products, broadening the market base and supporting sustained growth.

Societal and generational shifts are also playing a pivotal role. Millennials and Gen Z, who are set to inherit significant wealth, demonstrate a strong preference for investments that align with their values. These younger investors prioritize sustainability and ethical governance, creating a long-term demand for ESG products. Moreover, institutional investors, including pension funds and insurance companies, are increasingly integrating ESG criteria into their investment decisions to mitigate risks and fulfill fiduciary responsibilities, thereby bolstering market growth.

Asset and Wealth Management has become increasingly crucial as investors seek to align their portfolios with sustainable and ethical values. This sector not only focuses on maximizing financial returns but also emphasizes the importance of responsible stewardship of resources. As the demand for ESG products grows, asset managers are tasked with integrating these principles into their investment strategies, ensuring that they meet both the financial and ethical expectations of their clients. This dual focus on financial performance and sustainability is reshaping the landscape of wealth management, making it more dynamic and responsive to the evolving needs of investors.

Regionally, North America and Europe dominate the ESG Wealth Management Product market, driven by robust regulatory frameworks and a higher level of awareness and commitment to sustainability. However, the Asia Pacific region is emerging as a significant growth area, with increasing adoption of ESG principles among local investors and governments. Latin America, the Middle East & Africa also present considerable potential, albeit currently at a nascent stage, as awareness and regulatory support continue to evolve in these regions.

Product Type Analysis

The ESG Wealth Management Product market can be segmented based on product types, including Equity Funds, Fixed Income Funds, Multi-Asset Funds, Alternative Investments, and Others. Equity Funds, which focus on investments in companies that meet specific ESG criteria, have been a dominant segment due to their transparency and potential for high returns. These funds allow investors to directly influence corporate governance practices and promote sustainability. They have seen significant uptake among retail and institutional investors alike, who seek to align their portfolios with responsible investment principles while maintaining growth potential.

Fixed Income Funds are also gaining traction, especially among conservative inve

According to a survey conducted in early May 2024, over ** percent Gen Z and millennial shoppers in the United Kingdom had traded down when purchasing a product in the past 3 months. In other words, these consumers had bought less valuable or lower-priced items, e.g., by shopping at a lower-priced retailer. In comparison, only just over **** of baby boomers and the silent generation had done the same.

This statistic shows the motivation for high-net-worth and ultra-high-net-worth Americans to build wealth, as of 2018. The results are sorted by generation. During the survey, 86 percent of wealthy Millennials said their motivation to build wealth was to be able to help others through philanthropy; 77 percent of rich Generation X'ers said the same.

According to cognitive market research, the global Luxury Goods Market size was valued at USD xx billion in 2024 and is expected to reach USD xx billion at a CAGR of xx% during the forecast period.

North America held the largest share of the global Turbo Generator market around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Asia-Pacific accounted for a share of over XX% of the global market size of USD XX million.
Europe held a market share of around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
The Latin American market is around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Middle East and Africa held the major market of around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.

Market Dynamics of the Luxury Goods Market

Key Drivers of the Luxury Goods Market

Increasing the wealth of the population will help in market expansion.

Luxury goods are the primary product for the wealthy population and an increasing number of them led to the expansion of the market. There are 2,781 billionaires in the world, and according to the Hurun Global Rich List, china has the highest number of billionaires 814 in the world. To attract the Gen Z generation and millennials to luxury products businesses are tailoring their product offerings. For example, brands like Louis Vuitton have added customized options or the option of hand paints or adding a hot stamp to their bags. This attracts Gen Z and the wealthy population’s rising desire for high-end fashion goods. • For Instance, the report by ET BRAND EQUITY.com the billionaires' spending on luxury brands has increased as global financial wealth grew by 10.6% at the fastest rate as compared to the last decade, a hike of $26 trillion in wealth can be seen. Also Hermes International said that they have seen a growth of 24% excluding currency swings.

(Source:https://brandequity.economictimes.indiatimes.com/news/business-of-brands/the-worlds-rich-are-spending-on-luxury-goods-like-its-1999/95054360#:~:text=The%20immense%20growth%20in%20affluence,increasing%20demand%20for%20luxury%20goods.&text=Global%20financial%20wealth%20grew%2010,extra%20%2426%20trillion%20in%20wealth).

• For instance, according to the report consultancy.eu there will be a hike in the luxury goods market by 12% and the luxury goods market considering watches, jewelry, and fashion brands are expected to reach €570 billion by 2030, and the market of personal luxury personal care is expected to grow around 10-12%.

(Source:https://www.consultancy.eu/news/9073/global-luxury-goods-industry-could-grow-by-12-this-year).

Increasing awareness towards eco-friendly or sustainable products provides an opportunity for growth.

The global luxury brand is promoting the use of sustainable and eco-friendly raw material products instead of using animal-based products like leather, the luxury brands have started using plant-based leather like pineapple and other organic resources that can be used to make jackets, footwear, and handbags. Consumers are also demanding sustainable and eco-friendly products. Here are some brands that use vegan or plant-based leather for manufacturing luxury goods Stella McCartney, Gunas, Angela Roi, MATT & NAT, etc. Additionally, the brands also emphasize safe raw materials, less water consumption, and less electricity use throughout the supply chain. Some brands have also used the offer of high-end solar watches made from recycled material. • For instance, according to the article by Appnova, the demand for sustainability in luxury brands is increasing as per the report there are around 85% of millennials and the Generation Z population help to increase the sales of luxury brands. The study indicates that around 73% of millennials are looking forward to spending more on sustainable luxury products.

(Source:https://www.appnova.com/sustainability-in-luxury-fashion-top-brands-and-their-sustainable-practices/).

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This statistic illustrates the perceived impact of Brexit on the ability to save money for the Millennial generation in Great Britain as of 2016. It can be seen that almost two fifths (37 percent) of Millennials stated that they believed that Brexit will have no impact on their ability to save money at that time.

This statistic illustrates reasons for saving and borrowing money for the Millennial generation in Great Britain as of 2016. It can be seen that more than one third (34 percent) of Millennials stated that they were saving money for a 'rainy day' at that time.

A considerable share of millennials worldwide was willing to delegate their investment decisions to a computer algorithm, according to a survey conducted in 2019 among individuals aged between 23 and 35 years. The largest share was recorded in Hong Kong, where ** percent of the respondents were open to trust algorithms for the management of their investments. The United States followed, with ** percent of the respondents.

This statistic illustrates the common financial pitfalls of the Millennial generation in the United Kingdom (UK) as of January 2016. Respondents in the survey reported that 25 percent of Millennials had previously run out of money before payday. Further 21 percent had gone into an unplanned overdraft.

This statistic illustrates current monthly savings for the Millennial generation in Great Britain as of 2016. It can be seen that almost one quarter (23 percent) of Millennials stated that they did not save any money each month at that time.

This statistic illustrates the money management methods used by the Millennial generation in the United Kingdom (UK) as of January 2016. Approximately ** percent of Millennials stated that they managed their finances using mobile (app based) banking.