The number of individuals worth at least $30 million has surged to 510,810, up 5.4% from the beginning of the year, according to a report by Altrata. Baby boomers represent nearly 45% of this ultra-wealthy class, while millennials and Gen Z make up only 8%.

By 2040, millennials and Gen Z are expected to make up more than a third of the ultra-wealthy population, with baby boomers’ share shrinking to a fifth. This generational shift has implications for businesses catering to the ultra-rich, as preferences and industries change over time.

Younger people are accessing wealth earlier through trusts and family offices, allowing them to invest and spend at a younger age. The next generation is more focused on technology, hospitality, and entertainment industries, reflecting a shift towards digital wealth creation and social media monetization.

The next generation of ultra-wealthy individuals prioritize real estate and luxury assets, with philanthropy taking a back seat due to running businesses that may be less liquid. They are in an acquisition state, buying their first homes, cars, and vacation properties, reflecting a different life cycle compared to older generations.

Read more at CNBC: Ultra-wealthy millennials and Gen Zers to displace boomers by 2040