Young, rich Americans are twice as likely to invest in wine than those over the age of 44, a new report has found. The 2024 Bank of America Private Bank Study of Wealthy Americans looked at attitudes and investment plans among over a 1000 Americans across different age group (although all with net worth of at least $3 million in investable assets). It found that interest in collectibles is highest among the younger set, with around 94% of Gen Z and Millennials are interested in collectibles, compared to 80% of Generation X (aged 44-60), ahead of Boomer and the silent generation on 57 and 55% respectively. It found that three-quarters of younger people agree that it’s no longer possible to achieve above-average returns with stocks and bonds alone, compared to just one quarter of those Gen X and older – reflecting the turbulence of the market in recent years. “The past two years have seen more inflation than in decades, sharply rising interest rates, a bear-market year for stocks in 2022, a headline fraud case in the burgeoning crypto industry, two major geopolitical conflicts and the meteoric rise of AI tools in everyday life. These crosswinds are affecting the ways that wealthy people think about financial decisions, as data in this report shows,” the report noted. As a result, younger people “are even more enthusiastic about collectibles… [while] the interest in collectibles declines with each successive generation.” Around 36% of Americans aged 21-43 in the survey said they would be
This Article was originally published on The Drink Business - Fine Wine
