Baby boomers currently control over half of America’s wealth, totaling $78.5 trillion and nearly half of the world’s ultra-wealthy individuals. However, a massive wealth transfer is expected over the next two decades as millennials and Gen Z are projected to make up a significant portion of the ultra-wealthy.

Estimates suggest that between $68 trillion and $84 trillion will be transferred to heirs in the U.S. alone, significantly impacting the economy. Inheritance is a key driver of this transfer, with younger generations increasingly gaining access to wealth through trusts and earlier than previous generations.

Younger generations are expecting to inherit money or assets in the near future and are already building wealth in different industries compared to their parents. The top industries for the next generation’s ultra-wealthy include technology, social media, hospitality, entertainment, finance, investing, and real estate.

The wealth transfer has the potential to reshape industries from luxury goods to charitable giving. While not everyone will inherit millions, there are opportunities for anyone looking to build wealth in a changing economy through tech, renewable energy, digital platforms, and hospitality.

Investing early, often, and diversifying portfolios are reliable ways to grow wealth over time. Understanding the steps taken by previous generations and aligning investments with sustainable trends can position individuals for long-term growth.

Building financial literacy, creating an emergency fund, and investing in retirement accounts are crucial steps to improve financial futures, even without a windfall inheritance. It’s essential to have a plan in place for any inherited wealth and to use it as a tool to accelerate financial goals.

Read more at Yahoo Finance: In 15 years, millennials and Gen Z will make a third of the world’s ultra-wealthy. Here’s what’s driving their rise