The millionaires of 2023 are younger and far more likely to be self-made than in decades past.
Today's millionaires look substantially different from those of yesteryear.Instead of espousing the classic look of old money or reaching financial success later in life, the millionaires of 2023 are younger and far more likely to be self-made than in decades past.The Federal Reserve found that the average net worth of American families finally passed $1 million for the first time, growing 42 percent from $749,000 in 2019.
But younger millionaires are more likely to take advantage of today's trends to boost their wealth, Michelle Delker, a finance expert and founder of The William Stanley CFO Group, told Newsweek.'Today's new wave of millionaires are shaking things up, investing more in crypto and stocks and making their money work smarter,' Delker told Newsweek.
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