The surge in wealth among millennial heirs is creating new markets for wealth-management firms, luxury companies, travel firms and real estate brokers.

Shares of French luxury group Kering sank more than 9% Wednesday after the company warned it expects a sharp downturn in first-half profits as demand for its Gucci brand continues to wane.

Luxury real estate sales increased more than 2%, posting their best year-over-year gains in three years, according to Redfin.

The rise of family office-style medical practices reflects the surge in wealth and growing demand for hyper-personalized, data-driven health care.

There are about 28,420 centimillionaires globally, largely concentrated in New York City, the Bay Area, Los Angeles, London and Beijing.

Sales of superyachts took a dive in 2023, as long waiting lists, soaring costs and Russian oligarch sanctions hit demand.