Rich Young Americans Are Walking Away From Stocks. Gold, Crypto and Real Estate Are Taking Their Place

Rather than relying primarily on publicly traded stocks and bonds, younger millionaires are increasingly seeking diversification through alternative investments. (Credit: Michael M. Santiago/Getty Images)

For decades, the stock market has been the cornerstone of wealth building in the United States. But a new generation of affluent investors is reshaping that playbook, shifting more of its money into alternative assets such as gold, cryptocurrency, private equity, real estate and fine art.

According to Bank of America's latest Study of Wealthy Americans, investors between the ages of 21 and 43 with at least $3 million in investable assets allocate just 25% of their portfolios to stocks. By comparison, wealthy investors aged 44 and older keep 55% of their assets in equities.