The majority (70 percent) of affluent millennials have generated their assets themselves by saving a portion of their salary, law firm Michelmores has argued.
The firm’s research, which surveyed 500 millennials with investable assets of £25,000, found 21 percent said their wealth came from a business, product or service they created themselves.
Challenging the assumption that wealthy millennials are overly reliant on their parents for money, just 34 percent have been given their wealth by a family member, friend or acquaintance.
However, millennials with investable assets of over £75,000 are more likely to...