The top zip code for millionaire millennials isn’t in Southern California or New York City.

Nope, according to a new report, it’s in Northern Michigan.

Released by Coldwell Banker on Wednesday as part of its “A Look at Wealth” series, the report says that while eight of the top ten zip codes for millionaire millennials are in California’s Silicon Valley, the surprise No. 1 spot is none other than Traverse City.

According to the report, there are approximately 618,000 millennial millionaires in the United States in 2019. The vast majority, about 93 percent, have a net worth between $1 million and $2.49 million, but the generation has the potential to be worth more.

Millennials are projected to inherit $68 trillion from predecessors in what financial experts have dubbed “The Great Wealth Transfer.”

“Millennial millionaires are projected to become one of the richest and most influential generations in history,” said Charlie Young, president and CEO of Coldwell Banker Real Estate LLC.

“This report is a smart way to get a detailed look at this generation. Real estate professionals should take notice as understanding this generation will be key to growing your business in decades to come.”

While Michigan has the top zip code, the top states for millennial millionaires are California (44%), New York (14%), Florida (5%), Massachusetts (5%), Texas (5%), Washington (4%) and New Jersey (4%)

According to the report. millennial millionaires value walkable neighborhoods over well-established luxury communities and drive BMW 3 Series.

About 92% have purchased property, with 80% purchasing a single-family dwelling, and 77% are interested in home improvement as a way to personalize their space.

About 56% of millennial millionaires donate to charities, according to the report.

“This population of millennial millionaires is large and only getting larger – by 2030 millennials are projected to hold five times the wealth they hold today,” said Craig Hogan, vice president of luxury for Coldwell Banker Real Estate LLC.