Here's something in common about Gen X and Y millionaires: they're hands-on investors who actively work to grow their savings.
That's according to Fidelity Investments' Sixth Fidelity Millionaire Outlook, which also found that Americans from these generations have the most positive financial outlook in the history of the study and spend a great deal of time managing their assets, averaging 30 trades per month.
The financial outlook of Gen X and Gen Y millionaires is about 58 points more favorable than the baby boomer generation and is the highest level seen since the survey's inception in 2006, according to Fidelity.
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The firm's survey found that Gen X and Gen Y millionaires are actively investing and leveraging a wide range of asset classes; are living and giving large; and are turning to financial advisors for investing ideas above all other sources.
"Gen X/Y millionaires are taking a dramatically different approach to their wealth than the older generations, signaling a new era of wealthy investors," said Bob Oros, executive vice president, Fidelity Institutional Wealth Services. "These next-generation millionaires, who have already surpassed their older counterparts in total assets, are likely to drive significant change among the investors who want to emulate them, the advisors who serve them and the financial services industry that supports them."
The study found that 71 percent of Gen X/Y millionaires feel knowledgeable about investing and 72 percent find investing enjoyable.
This group also has been actively involved in their investments for the past five years, with 73 percent saying they have increased their involvement since the financial crisis.
Older millionaires tend to keep with their consistent investing strategies, the study found, with 43 percent saying they didn't add any asset classes in the last year. Gen X/Y are more likely to make changes to their portfolios and to add complex investments like foreign currency, international individual securities, venture capital and derivatives.
The Fidelity Millionaire Outlook is based on the responses of 542 U.S. millionaire investors conducted online from May 15-23. Qualified respondents had investable assets of at least $1 million, excluding workplace retirement accounts and real estate holdings.
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