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.
Read more: There are 618,000 millennial millionaires in the US, and they're on track to inherit even more wealth from the richest generation ever
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.
Percentage of millennial millionaires: 2%
Source: Patch
T9. Illinois — From 2010 to 2016, Chicago gained more six-figure households under the age of 45 than any US city except for New York City.
Percentage of millennial millionaires: 3%
Source: Crain's Chicago Business
T9. Virginia — Since northern Virginia borders Washington DC, many rich millennials living in the state likely work in the capital.
Percentage of millennial millionaires: 3%
Source: Smart Asset
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.
Percentage of millennial millionaires: 4%
Source: App
T7. Washington — Home to the headquarters of Amazon and Microsoft, the Seattle metro area is a thriving tech center.
Percentage of millennial millionaires: 4%
Source: The New York Times
T5. Texas — Dallas-Fort Worth, Austin, and Houston have become magnets for millennials looking to work for small businesses.
Percentage of millennial millionaires: 5%
Source: Chron
T5. Massachusetts — Massachusetts has big, bustling cities like Boston and charming small towns in the Berkshires alike.
Percentage of millennial millionaires: 5%
Source: Massvacation
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.
Percentage of millennial millionaires: 5%
Source: 10 News, Curbed, Jacksonville.com
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.
Percentage of millennial millionaires: 14%
Source: Forbes
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."
Percentage of millennial millionaires: 44%
Source: SmartAsset
