Rich Gen Zers and millennials are investing in jewelry, sneakers and fine wine instead of traditional assets, says Bank of America

Woman walks past a Rolex store (Credit: Mike Kemp—In Pictures via Getty Images)

Wealthy young Americans are increasingly turning their backs on traditional assets in favor of more unique investments, a new Bank of America survey has found, with rich Gen Z and millennials choosing to buy watches and rare cars instead of simply stocks and bonds.

BofA's 2024 Study of Wealthy Americans surveyed more than 1,000 people who had at least $3 million in household investable assets, and found that 72% of those aged 43 and younger were "skeptical" about solely investing in traditional assets. Conversely, just 28% of those aged 44 and above were cautious about holding all of their wealth in stocks and bonds.