Bank of America study shows young millionaires moving from stocks to alternative assets

A Bank of America (BofA) research survey finds that wealthy investors aged 21‑43 with at least $3 million in assets are dramatically reducing equity exposure. Only about 25 % of their portfolios are in stocks, compared with roughly 55 % for investors over 44.

Ninety‑three percent of the younger respondents say they will increase the share of alternative investments in the coming years. The survey highlights gold (45 % already invested or planning to invest), real estate (31 % see the biggest growth opportunity), cryptocurrencies (29 % view as high‑growth) and private equity (25 %). Respondents cite high inflation, geopolitical risk and market volatility as drivers for broader diversification, and more than 72 % doubt that stocks or bonds can consistently outperform average returns. The shift signals a broader rebalancing of wealth portfolios away from traditional equity markets toward assets perceived as safer or higher‑growth.