From CNBC: 2024-04-26 16:47:22

A recent study shows that the wealth gap between rich millennials and their peers is the largest of any generation, leading to class tensions. While most millennials struggle with debt and low wages, the millennial elite are surpassing previous generations in wealth.

Baby boomers are expected to pass down $70-90 trillion in wealth to millennials in what’s called “the great wealth transfer.” This may explain why top 10% of millennials have more wealth than baby boomers at the same age. The transfer could lead to increased tensions and wealth displays among millennials.

Luxury real estate brokers like Clayton Orrigo are seeing a surge in business from moneyed millennials with inherited wealth. Orrigo, who has sold over $4 billion in real estate, says the wealth behind these young buyers is “extreme.” Inherited wealth is becoming more common among millennial heirs, creating opportunities for wealth-management firms and luxury companies.



Read more at CNBC: Wealth gap between millennials spurs a new class war