Historic $90 Trillion Wealth Transfer To Millennials Will Make Them The Wealthiest Generation Ever, Says Report

The U.S. is on the cusp of a monumental wealth transfer, poised to forge the wealthiest generation in history, a new report by global real estate consultancy Knight Frank reveals.

Over the next two decades, baby boomers are set to pass down an astonishing $90 trillion in assets to millennials, surpassing previous estimates ranging from $53 trillion to $84 trillion.

This unprecedented shift in wealth is detailed in Knight Frank's "2024 Wealth Report," which suggests that by 2030, millennials' wealth could quintuple from its current state.

This projection is supported by findings from Coldwell Banker, indicating a bright financial future for a generation that has navigated the aftermath of the 2008 financial crisis and the challenges of an era marked by significant money printing and the diminishing purchasing power of the dollar.

Despite these hurdles, millennials are debunking the stereotype of being financially irresponsible.

Also Read: Cryptocurrency's Popularity Among Millennials In US Declining: Study

A 2023 study by Alliant Credit Union portrays millennials as the most fiscally motivated and responsible generation, a trait born out of necessity.

Interestingly, while 53% of millennials anticipate inheriting $350,000 or more from their parents, the older generation expects to give $250,000 or less.

The report also touches on the financial benchmark for entering the top 1% of earners in America, now set at $5.8 million, up $700,000 from just a year ago.

This rise reflects the evolving landscape of wealth in the nation and underscores the growing divide between the wealthiest individuals and the rest of the population.

As this massive transfer of wealth gets underway, it heralds the rise of a new affluent class and signals a potential shift in the dynamics of financial power and responsibility across generations.

Now Read: This Millennial Ditched US For Bali With Zero Savings, Now Lives In Luxury On $140K A Year

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Shutterstock