Over the last five to ten years there has been a huge increase in the number of millionaires below the age of 30, and with it becoming evermore simple for people to make millions, it’s likely this number will continue to rise. However, with this change comes a shift in the things millionaires spend their money on, and so the traditional brands of the rich are no longer the go-to choices.
So, to find out just how much of an impact this change was having, we decided to survey more than 2,000 people to see which brands they believed were ‘in Vogue’, and which brands were falling out of fashion, despite being at the forefront of affluent culture.
The findings were actually much more surprising than we thought they’d be, with skateboarding brands Supreme and Palace seemingly being more popular among young ‘millionaires’ than Louis Vuitton and Versace.
On top of this, we also found that the majority, around 78%, of respondents under the age of 24 would rather buy a G-wagon or a Range Rover than a Ferrari or Lamborghini.
Here are the top ten most popular brands and products for millionaires in the UK, according to our results:
- Mercedes G-Wagon
- Apple Watch
- Adidas Yeezy
- Pagani Huayra
We commissioned the research due to the increasingly young age of millionaires. With many YouTubers and Celebrity Influencers coming into fortunes in their 20s, the brands in demand are much changed to those who worked hard to build companies over decades before striking it rich. Gen Z youngsters are also increasingly inheriting larger fortunes from parents thanks to the property boom of the 1970s and 1980s and as such are looking to purchase brands that appeal to their demographic rather than the brands that long held sway with their parents generation.
Aaron Harpin, founder of HushHush.com, said:
“We noticed a preference among our younger clientele for more streetwear brands and modern technology than the established brands their parents preferred. When we looked into this in more detail, it was clear that the reason was that the average millionaire is much younger than in the latter part of the twentieth century.
“The rise of the YouTube star and social media influencers means that may more young people are becoming super-rich before they’re 25 than ever before.”