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☆ Rich millennials like Leo from 'LIB' can come off as arrogant when talking about their wealth — but there's a better way to disclose your income on dates
▼ + stars: | 2024-10-05 | by ( Julia Pugachevsky | Palmer Haasch | ) www.businessinsider.com time to read: +7 min

Leo is an art dealer who appears in "Love Is Blind" season seven. AdvertisementWarning: This post contains spoilers for "Love Is Blind" season seven through episode six. He inherited a family art dealing business at a young age after several of his family members died of cancer. Leo has a conversation with some other male cast members on "Love Is Blind" season seven. AdvertisementThe next batch of "Love Is Blind" season seven episodes will be released Wednesday, October 9 on Netflix.

Persons: Leo, —, you'll, doesn't, he's, Hannah, Amanda Clayman, Clayman, I'm, Kristin Papa, it's, Papa, Brittany, isn't Organizations: Service, Art Basel, Business, Netflix Locations: Washington, DC, Brittany

☆ No more bus tours for China's rich millennials — they're seeing the world on their own
▼ + stars: | 2024-06-08 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +5 min

Read previewRich millennials in China are experiencing world travel in a very different way from their parents. These tours offered a safer and more accessible way to explore new destinations, Elisa Harca, CEO of consultancy firm Red Ant Asia, previously told Business Insider. New technology has made solo travel much less dauntingSocial media platforms like Xiaohongshu are the go-to place for local travel tips. BORIS HORVAT/Getty"They're a lot more used to being tourists,'' Jack Porteous of China-focused consultancy firm Tong Global told Business Insider. The rise of social media platforms for travel has also spurred the accessibility of solo travel.

Persons: —, Elisa Harca, Ant Asia, — millennials, Z, BORIS HORVAT, Jack Porteous, Tong, China's, Sally Maier, Yip, Porteous, Mark Kolbe, Getty, Maier, they've Organizations: Service, Business, Tong Global, Consulting Locations: China, China ., Europe, glamping, Inner Mongolia

☆ Rich Chinese millennials are creating new status symbols. Here are 11 ways they are redefining luxury.
▼ + stars: | 2024-05-19 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +12 min

Rich millennials in the US have been known to splash out on their pets, new laundry rooms, and expensive coffee machines. And over in China, rich millennials have their own ideas of what counts as a luxury status symbol. AdvertisementExpect to see these rich millennials mixing luxury casual wear like T-shirts and sneakers with traditional luxury brands, Banta told BI. And getting regular aesthetic treatments has become a top priority for affluent millennials, Banta told BI. Independent luxury brands that offer more authentic products and those that draw on cultural heritage are also highly in demand, she said.

Persons: —, they've, Rich millennials, They've, Claudio Lavenia, Louis Vuitton, Daniel Langer, Amrita Banta, Budrul Chukrut, Elisa Harca, Ant Asia, Mary, Kate, Ashley Olsen, prioritizes, Harca, Banta, JUAN BARRETO, Olivia Plotnick, Port Ellen, Alexandra Bacon, Ewan Andrew, Langer, Black Pearl, JOHANNES EISELE, Olivier Morin, Plotnick, Tom Dixon, Potnick, Gen, Gabriella Tegen, Gen Z Organizations: Service, Business, Pepperdine University, Research, Getty, JUAN BARRETO Travel, Wai, Social, Diageo, Michelin, China Morning, Meituan, Clover, Bloomberg, Clover Suites, China News Service, McKinsey, Brands, Independent Locations: China, Antarctica, Iceland, Shanghai, Port, Scotland, That's, Harca, Singapore, Banta, millennials

☆ The new class war: A wealth gap between millennials
▼ + stars: | 2024-04-26 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

The wealth gap between rich millennials and the rest of their age group is the largest of any generation, creating a new wave of class tension and resentment, according to a recent study. According to the study, the average millennial has 30% less wealth at the age of 35 than baby boomers did at the same age. Yet the top 10% of millennials have 20% more wealth than the top baby boomers at the same age. The study finds that millennials — typically defined as those between the age of 28 and 43 today — have faced repeated financial headwinds. The millennials who "went to college, found graduate level jobs, and started families relatively late," ended up with "higher levels of wealth than Baby Boomers with similar life trajectories," according to the report.

Persons: Robert Frank, Rob Gruijters, Zachary Van Winkle, Anette Eva Fasang, Mark Zuckerberg, Sam Altman — Organizations: Boomers

Among high-income earners, Gen Z is most confident in their ability to get richer. Gen Z women are particularly confident in their ability to create wealth. The rest of Gen Z may not share this confidence. AdvertisementIt seems the rich are confident that they will be able to build wealth, and the affluent side of Gen Z is no exception. A gender breakdown reveals that 81% of high-net-worth Gen Z women, versus 69% of high-net-worth Gen Z men, expect to see their money grow — a deviation from the overall trend, which saw men more likely to indicate that their money would increase.

Persons: Gen, Knight Frank, Knight Frank's, millennials, Rich millennials Organizations: Liberty Street, Federal Reserve Bank of New, Business Locations: Federal Reserve Bank of New York

☆ Instagrammable laundry rooms are the latest luxury status symbol of rich millennials
▼ + stars: | 2023-10-01 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

Instagrammable laundry rooms have become a new luxury status symbol for millennial homeowners. AdvertisementAdvertisementRich millennials are starting to splurge on a space in the home that has previously been neglected and hidden from guests – the laundry room. Homeowners increased spending on laundry rooms by 33% in 2021, according to a 2022 survey by Houzz, an interior design website connecting homeowners with renovation professionals. On social media, upscale laundry rooms are decked out with colorful tiles, marble counters, tongue and groove wall paneling, expensive hardware, an abundance of storage space, and even dog showers in some cases. Others are taking it up a notch with nearly $30 luxury laundry detergents from brands like The Laundress and of course, the firm favorite – the $40 Aesop handwash, perched by the butler sink.

Persons: They're, —, Rich millennials, There's, Sarah Davies, Kate Guinness, there's, they've, Dina Bandman, Nina Magon, Priscila Forster, Forbes, Perrin, Rowe, pricey Organizations: Service, Instagram

☆ Rich millennials are creating new status symbols as they start to buy homes and have kids. Here's 10 ways they are redefining luxury.
▼ + stars: | 2023-08-04 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +1 min

Wealthy millennials are approaching their 40s and are starting their own families and buying homes. This is changing their perception of luxury and what they splash out on. Some are starting families or buying homes, and this is changing what luxury looks like to them. In the past, millennials were known to splurge on personalized experiences, brands that matched their values, and luxury apparel like sneakers and streetwear. Here are 10 new trends and status symbols for rich millennials:

Persons: millennials Organizations: Service Locations: Wall, Silicon

☆ Rich millennials are buying $152 poop-bag holders and $1,100 Hermès dog bowls as luxury brands bank on them spoiling their pets over having kids
▼ + stars: | 2022-10-24 | by ( Mark Ellwood | ) www.businessinsider.com time to read: +10 min

Luxury brands like Prada and Versace have launched pet collections in the past couple of years. Thirty percent of pet owners said they spent more on their pets and pet supplies in 2020 than in 2019. Courtesy of Anya HindmarchHindmarch's short-lived project is just the latest sign of the opportunities available in the upscale pet market, especially for dog owners. In summer 2021, Versace expanded its homeware collection to cater to pets, no doubt inspired by Donatella's own Jack Russell, Audrey. Heather GildroyPagerie, a luxury pet brand that just launched a collection aimed as much at humans as at dogs, hopes this will be the case.

☆ Wealthy millennials aren't relying on the stock market. Here's how their investment portfolios break down.
▼ + stars: | 2022-10-11 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Only 32% of older investors said the same. The wealthy millennials surveyed said they allocate 25% of their portfolios to stocks, compared to 55% for older investors. Cryptocurrency is popular among these millennials as well, accounting for 15% of their portfolios compared to only 2% for older investors. Wealthy millennials see cryptocurrency as the best investmentLooking forward, the wealthy millennial investors ranked cryptocurrency or digital assets, real estate, private equity, and direct investment into companies offer the "greatest opportunities for growth." Older investors favored US stocks, followed by real estate and equities in the emerging and international markets.

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