Rich millennials have different financial behaviors and habits than rich baby boomers do.Growing up in an age of technology, millennials tend to display their wealth on social media, buy luxury goods online, invest in cryptocurrency, and dress more casually.Millennials also define wealth differently, equating it more with success and purpose than baby boomers do, according to a study by Boston Private.It doesn't take everyone a lifetime to build wealthsome get there a lot faster than others and get to enjoy their wealth at an earlier age.According to a SmartAsset study, 11% of high-net-worth households are comprised of adults aged 18 to 33. Millennials also comprise 13% of the "wealth and affluent market"households with at least $100,000 in investible assetsreported Michael Kaplan of the New York Post, citing a study by Wealth & Affluent Monitor.Theserich millennials are redefining luxury and creating a new image of affluence, according to Larissa Faw in a piece for Forbes.Compared to affluent baby boomers, affluent millennials invest more in things like health and wellness, experiences, and cryptocurrencies. Growing up in an age of technology, they love to show off their wealth on social media and are more likely to buy luxury online. They also look different, opting for more casual attire than previous generations.These behaviors might be attributed to the fact that millennials define wealth differentlymore so with purpose, success, and an overall broader version of happiness, according to Boston Private's 2018 "The Why of Wealth" report.See how rich millennials are different from rich baby boomers.SEE ALSO:7 ways life is more expensive today for American millennials than previous generationsDON'T MISS:Millennials have been called the 'brokest' and the 'richest' generation, and experts say both of those are trueRich millennials prefer to spend on experiences, not things.Millennials, in general, prefer to spend their money on experiences over thingsthey pay more for things like travel, entertainment, and dining compared to their parents and grandparents, according to findings by JPMorgan.But this is especially true of wealthy millennials in particular, who aren't drawn to money or traditional status symbols, according to Faw. Instead, she said, they crave experiences."They will vacation in Ibiza with their buddies or fly toNew York City for the weekend," Andrew Moultrie of Extreme International, a sports lifestyle brand rich millennials favor, told Faw. "They see the richness in the storytelling of having an experience, rather than buying one expensive item."Spending among younger millionaires has shifted to "the experience economy," Lauren Sherman wrote in a Business of Fashion article. This is strongly seen in personal transformations"think health and wellness, but also travel and food experienceswhere what you are really buying is a better you," she wrote.They flaunt their experiences ' and other displays of wealth ' on social media.Millennials also crave validation, according to Fawthey love to show off their experiences on social media. "What affluent Millennials prioritize is the awesome group photo that can be posted on theirFacebookwall," she wrote.Just look at the "Rich Kids of Instagram," now known as "Rich Kids of the Internet," a group of millennial influencers known to flaunt their wealthy lifestyles on social media. They've shown off everything from beach vacations in Malaysia to their private jets and yachting trips around Monte Carlo.Most recently, rich millennials took part in the "Falling Stars Challenge" on social media."As the name vaguely implies, the challenge showcases rich people pretending to fall out of their expensive vehicles, such as cars, private jets, and yachts, and some choose to 'accidentally' spill the contents of their designer purses on the ground," wrote Zeynep Yenisey for Maxim.As baby boomers didn't grow up with this technology, social media wasn't part of their lifestyle then or todayat least, not to the extent that it is for millennials.They make up "the wellness generation."Rich millennials are spending more on health and wellnessa result of a rise in discreet wealth, in which the rich are investing less in material goods and more in lifestyle choices. Health and wellness, in particular, have become a luxury status symbol, Vogue reported in 2015.The industry has created a boom in recent years: From 2015 to 2017 alone, the wellness industry grew by more than 12% and is now worth $4.2 trillion globally,according to a report by the Global Wellness Insititute.With that, millennials are flocking to the growing number of health and wellness offerings."Wellness is increasingly regarded as a modern embodiment of luxury, and accordingly, an array of spas and studios offering treatments likecryofacials,weeklong retreats, andvitamin IV drips are delivering those experiences,"Business Insider's Lina Batarags wrote.Millennials have been dubbed the "wellness generation" by Sanford Health and they even spend more on fitness than tuition, reported Jeanette Settembre of MarketWatch. A 26-year-old in New York City told Settembre that she spends around $500 a monthor $6,000 a yearon boutique fitness classes.They also spend on pricey gym memberships, athleisure, and water bottles.See the rest of the story at Business Insider
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