Millennial Entrepreneurs Make More Money Than Their Older Peers A new report from HSBC analyzes the culture and motivation of generations of entrepreneurs around the world.

By Catherine Clifford

Opinions expressed by Entrepreneur contributors are their own.

Shutterstock

Millennial entrepreneurs earn more money than their older peers, and are also more motivated by an effort to find their purpose and give back to society, according to a new report.

"The new generation of millennial entrepreneurs are revolutionizing the nature of entrepreneurship," says Nick Levitt, head of Global Solutions Group at HSBC Private Bank, in a statement announcing the release of a report outlining these findings. "These entrepreneurs are building bigger businesses and creating more jobs."

Millennial entrepreneurs were considered those under the age of 35 for the HSBC research, called the Essence of Enterprise report.

Those millennial entrepreneurs surveyed by HSBC had businesses with annual revenues of $11.5 million, nearly one and a half times the $4.8 million average annual revenue of all the entrepreneurs surveyed for the report.

Millennial entrepreneurs have more employees, too. The main business holding of an entrepreneur under the age of 35 included in this survey has 123 employees, compared with 58 employees in the main business holding of entrepreneurs over the age of 35.

Related: 'Success Is Not a Number,' So Don't Chase Goals That Leave You Unsatisfied

For the research, HSBC surveyed 2,834 entrepreneurs throughout the world. Entrepreneurs were tracked both by age and location. All of the entrepreneurs had a net worth between $250,000 and $20 million. To be included in the report, individuals had to be a major shareholder, manager, executive or strategic investor in a privately held business.

Click to Enlarge+
economic value chart
Image Credit: HSBC

Millennial entrepreneurs are running larger businesses with more employees than their larger counterparts, but making money isn't their only concern. "They are as motivated to create an impact on the world as they are to make money and they are having a positive impact on their communities," Levitt says.

Almost six in 10 millennial entrepreneurs report that they want to have a positive impact on their communities. Meanwhile, nearly four in five, 79 percent, of millennial entrepreneurs are active philanthropists.

And the more successful these millennial entrepreneurs are, the more they are giving back. Among those millennial entrepreneurs whose businesses are making more than $11.5 million in revenue, 89 percent report being actively involved in philanthropy in the past year.

Related: To Pull Through Dark Days, Understand What Drives You

For a deeper look at the characteristics and motivations of the global, millennial entrepreneur, have a look at the infographic summarizing findings from the report, embedded below.

Click to Enlarge+
HSBC (Infographic)

Catherine Clifford

Senior Entrepreneurship Writer at CNBC

Catherine Clifford is senior entrepreneurship writer at CNBC. She was formerly a senior writer at Entrepreneur.com, the small business reporter at CNNMoney and an assistant in the New York bureau for CNN. Clifford attended Columbia University where she earned a bachelor's degree. She lives in Brooklyn, N.Y. You can follow her on Twitter at @CatClifford.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

JPMorgan Shuts Down Internal Message Board Comments After Employees React to Return-to-Office Mandate

Employees were given the option to leave comments about the RTO mandate with their first and last names on display — and they did not hold back.

Innovation

4 Ways Market Leaders Use Innovation to Foster Business Growth

Forward-thinkers constantly strive to diversify and streamline their products and services, turning novelties into commodities desired by many.

Side Hustle

'Hustling Since Middle School': She Started a Side Hustle on Facebook Marketplace — Then a 'Game-Changer' Grew It to $25,000 a Month

Leena Pettigrew's "entrepreneurial spirit" inspired her to build a business with earnings that outpaced her full-time income.

Leadership

From Elite Athletes to Tech Titans — Discover the Surprising $100-Million Habit That Leads to Extraordinary Success

Success comes from mastering focus, eliminating distractions and prioritizing what truly matters.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Branding

How Introverts Can Lean Into Their Strengths and Unleash Their Personal Branding Superpower

Introverts are just as well-equipped as extroverts to share their thoughts and messages on social media platforms. Learn why and some tips on how to build confidence and get started on your personal branding journey.