Millennials – that technologically fluent, avocado-chomping set of 19-35 year olds – are set to be worth as much as $31 trillion collectively by 2020, investment bank UBS predicts.

And thanks to an entrepreneurial streak apparently unique to this set of iPhone-wielding perennial renters, it's likely they will start businesses eight years earlier than their parents and target gross profit margins more than 30 percentage points higher.

In Asia Pacific, the millennial generation is expected to have the largest spending power of any generation ever. Credit:Jennifer Soo

While they are expected to be flush with more cash than any other generation in the history, their interconnectivity and access to information mean they are likely to also be the most generous.

"Millennials appear particularly willing and able, as the next guardians of global capital, to use their private wealth for the public good," says a report on Millennials, published by UBS this week.