A $90 Trillion Wealth Transfer to Millennials Will Create the Richest Generation in History
A seismic shift of wealth is beginning in the US, which will create the richest generation in recorded history, according to a new report by global real estate consultancy firm Knight Frank.
According to Knight Frank’s 2024 Wealth Report, boomers will hand over $90 trillion in assets to millennials over the next 20 years.
This transfer of wealth is higher than previous estimates, which had pegged it between $53 trillion and $84 trillion.
By 2030, millennials are expected to have five times as much wealth as they have today, as reported by Coldwell Banker.
A Rough Ride for Millennials
Millennials have faced significant challenges, including the consequences of the 2008 financial crisis and an era of money printing that has devalued the purchasing power of the dollar.
There is evidence that millennials blame prior generations for creating these uphill battles they now face.
Fiscally Motivated and Responsible
Contrary to popular belief, millennials are actually the most fiscally motivated and responsible generation, largely out of necessity, according to a report by Alliant Credit Union.
The report also reveals that 53% of millennials believe they will receive $350,000 or more from their parents, while boomers plan to give $250,000 or less.
Joining the Top 1% of Earners
To join the top 1% of earners in America, it now takes $5.8 million, according to Knight Frank. This figure has increased by $700,000 in just one year.
Hot Take: Millennials Set to Become the Wealthiest Generation
A seismic shift of wealth is underway in the US, with millennials poised to become the richest generation in history. According to a new report by Knight Frank, boomers will pass on $90 trillion in assets to millennials over the next two decades. This transfer of wealth is even higher than previous estimates, and by 2030, millennials are expected to have five times as much wealth as they have today.
Despite facing significant challenges such as the 2008 financial crisis and a devalued dollar, millennials are proving to be fiscally motivated and responsible. They are also set to receive larger inheritances than their boomer parents. To join the top 1% of earners in America, it now takes $5.8 million, highlighting the growing wealth disparity in the country.
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