7 ways rich millennials spend and display their money differently than rich baby boomers

Rich millennials have different financial behaviors and habits than rich baby boomers do.

Growing up in an age of technology, millennials tend to display their wealth on social media, buy luxury goods online, invest in cryptocurrency, and dress more casually.

Millennials also define wealth differently, equating it more with success and purpose than baby boomers do, according to a study by Boston Private.

It doesn't take everyone a lifetime to build wealth, some get there a lot faster than others and get to enjoy their wealth at an earlier age.

According to a SmartAsset study, 11% of high-net-worth households consist of adults ages 18 to 33. Millennials also comprise 13% of the "wealth and affluent market" — households with at least $100,000 in investable assets — Michael Kaplan of the New York Post reported, citing a study by Wealth and Affluent Monitor.

These rich millennials are redefining luxury and creating a new image of affluence, according to Larissa Faw in a piece for Forbes.

Compared with affluent baby boomers, affluent millennials invest more in things such as health and wellness, experiences, and cryptocurrencies. Growing up in an age of technology, they love to show off their wealth on social media and are more likely to buy luxury items online. They also look different, opting for more casual attire than previous generations.

These behaviors might be attributed to the fact that millennials define wealth differently — more so with purpose, success, and an overall broader version of happiness, according to Boston Private's 2018 "The Why of Wealth" report.

See how rich millennials are different from rich baby boomers.

Rich millennials prefer to spend on experiences, not things.

Millennials, in general, prefer to spend their money on experiences over things — they pay more for things such as travel, entertainment, and dining compared with their parents and grandparents, according to findings by JPMorgan.

But this is especially true of wealthy millennials in particular. They aren't drawn to money or traditional status symbols, according to Faw. Instead, she said, they crave experiences.

"They will vacation in Ibiza with their buddies or fly to New York City for the weekend," Andrew Moultrie of Extreme International, a sports-lifestyle brand rich millennials favor, told Faw. "They see the richness in the...