The top 10 states where America's wealthiest millennials live, ranked

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The top 10 states where America's wealthiest millennials live, ranked

millennial millionaires

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Millennial millionaires have something in common, besides their wealth: where they live.

A new report by Coldwell Banker looked at the top 10 states where America's millennial millionaires - of which there are 618,000 - live, and found that they're pretty concentrated.

The Coldwell Banker Global Luxury program worked with wealth intelligence data and research firm WealthEngine to analyze the lifestyles of millennial millionaires, from wealth creation and property investments to spending trends. It defined millennial millionaires as those ages 23 to 37 with a net worth of more than $1 million.

Read more: There are 618,000 millennial millionaires in the US, and they're on track to inherit even more wealth from the richest generation ever

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Almost half of millennial millionaires live in California, which has the highest percentage of business owners and real estate investors, according to the report. And all states but one - Illinois - are on the coast.

See below for the top 10 states where America's millennial millionaires live.

Generation Z from Business Insider Intelligence

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10. Maryland — Maryland has the most millionaires per capita as of 2018.

10. Maryland — Maryland has the most millionaires per capita as of 2018.

Percentage of millennial millionaires: 2%

Source: Patch

T9. Illinois — From 2010 to 2016, Chicago gained more six-figure households under the age of 45 than any US city except for New York City.

T9. Illinois — From 2010 to 2016, Chicago gained more six-figure households under the age of 45 than any US city except for New York City.

Percentage of millennial millionaires: 3%

Source: Crain's Chicago Business

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T9. Virginia — Since northern Virginia borders Washington DC, many rich millennials living in the state likely work in the capital.

T9. Virginia — Since northern Virginia borders Washington DC, many rich millennials living in the state likely work in the capital.

Percentage of millennial millionaires: 3%

Source: Smart Asset

T7. New Jersey — Located across the Hudson River from New York City, New Jersey offers a more affordable housing alternative for those who work in the city.

T7. New Jersey — Located across the Hudson River from New York City, New Jersey offers a more affordable housing alternative for those who work in the city.

Percentage of millennial millionaires: 4%

Source: App

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T7. Washington — Home to the headquarters of Amazon and Microsoft, the Seattle metro area is a thriving tech center.

T7. Washington — Home to the headquarters of Amazon and Microsoft, the Seattle metro area is a thriving tech center.

Percentage of millennial millionaires: 4%

Source: The New York Times

T5. Texas — Dallas-Fort Worth, Austin, and Houston have become magnets for millennials looking to work for small businesses.

T5. Texas — Dallas-Fort Worth, Austin, and Houston have become magnets for millennials looking to work for small businesses.

Percentage of millennial millionaires: 5%

Source: Chron

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T5. Massachusetts — Massachusetts has big, bustling cities like Boston and charming small towns in the Berkshires alike.

T5. Massachusetts — Massachusetts has big, bustling cities like Boston and charming small towns in the Berkshires alike.

Percentage of millennial millionaires: 5%

Source: Massvacation

T5. Florida — Florida has year-long tropical weather, with sandy beaches that stretch for miles. Miami, Jacksonville, and Tampa, in particular, are all hot cities for millennials.

T5. Florida — Florida has year-long tropical weather, with sandy beaches that stretch for miles. Miami, Jacksonville, and Tampa, in particular, are all hot cities for millennials.

Percentage of millennial millionaires: 5%

Source: 10 News, Curbed, Jacksonville.com

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2. New York — A finance hub, New York City is home to wealthy investment bankers. But The Big Apple isn't New York's only draw: The state is full of smaller towns, like Rochester, which Forbes once listed as one of the best places to raise a family.

2. New York — A finance hub, New York City is home to wealthy investment bankers. But The Big Apple isn't New York's only draw: The state is full of smaller towns, like Rochester, which Forbes once listed as one of the best places to raise a family.

Percentage of millennial millionaires: 14%

Source: Forbes

1. California — From California's Hollywood movie industry to the tech bubble of Silicon Valley, it's no surprise that the most millennial millionaires live in the "Golden State."

1. California — From California's Hollywood movie industry to the tech bubble of Silicon Valley, it's no surprise that the most millennial millionaires live in the "Golden State."

Percentage of millennial millionaires: 44%

Source: SmartAsset

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