The United States is on the brink of a monumental wealth transfer, poised to shape the richest generation in history, according to a new report from the global real estate consultancy Knight Frank reveals.
Over the next two decades, baby boomers are expected to transfer an astonishing $90 trillion in assets to millennials, surpassing previous estimates of $53 trillion to $84 trillion.
This unprecedented shift in wealth is detailed in Knight Frank’s “2024 Wealth Report,” which suggests that by 2030 millennial wealth could increase fivefold from its current state.
This projection is supported by the findings of Coldwell Bankerpointing to a bright financial future for a generation that has lived through the aftermath of the 2008 financial crisis and the challenges of an era characterized by significant money printing and the declining purchasing power of the dollar.
Despite these obstacles, millennials are dispelling the stereotype of financial irresponsibility.
Read also: Cryptocurrency Popularity Among Millennials in US Declining: Study
A 2023 study by Alliance Credit Union portrays millennials as the most motivated and fiscally responsible generation, a trait born out of necessity.
Interestingly, while 53% of millennials expect to inherit $350,000 or more from their parents, the older generation expects to give away $250,000 or less.
The report also touches on the financial benchmark for entering the top 1% of workers in America, now set at $5.8 million, up $700,000 from just a year ago.
This increase reflects the nation’s evolving wealth landscape and highlights the growing gap between the wealthiest individuals and the rest of the population.
The onset of this massive wealth transfer heralds the rise of a new wealthy class and signals a potential shift in the dynamics of financial power and responsibility between generations.
Now read: This Millennial abandoned the US for Bali with no savings, now lives in luxury on $140,000 a year
This content was partially produced with the help of artificial intelligence tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock