Generation X is set to benefit the most from the upcoming Great Wealth Transfer

From CNBC: 2024-06-18 10:00:02

Generation X is projected to benefit the most from the $84 trillion Great Wealth Transfer in the next decade, with an average age of 46.1 for those set to inherit fortunes over $5 million. Millennials and Gen Z are expecting big inheritances from baby boomers, but Gen Xers are poised for larger windfalls.

The average age for children expected to inherit over $30 million is 47.6, showing the substantial wealth potential for Generation X. Despite being often overlooked, this generation is set to receive significant inheritances, prompting wealth management firms to shift focus from millennials and Gen Z to cater to Gen X.

In the next 10 years, 1.2 million individuals worth $5 million or more will pass down over $31 trillion in wealth, with the majority coming from the ultra-wealthy bracket of those worth $30 million or more. Billionaires will account for about $5 trillion of the total amount being handed down.

The next generation of inheritors have different values and prioritize tech, the environment, and social justice. This shift in values will require wealth managers and luxury firms to adapt to the changing interest of the inheritors, who are more inclined towards impact investing and clean-energy transitions.



Read more at CNBC: Gen X stands to gain the most, study finds