A significant wealth transfer is underway in the United States, poised to create the wealthiest generation in recorded history, according to a recent report.
The 2024 Wealth Report by global real estate consultancy firm Knight Frank reveals that boomers are set to pass on $90 trillion in assets to millennials over the next two decades, as reported by Fortune. This figure surpasses previous estimates, which ranged from $53 trillion to $84 trillion.
By 2030, millennials are projected to possess five times the wealth they currently hold, as indicated by Coldwell Banker. This forecast follows a tumultuous period for the generation, marked by the fallout from the 2008 financial crisis and a sustained era of monetary expansion that has eroded the dollar’s purchasing power.
Knight Frank’s report suggests that millennials attribute their uphill financial challenges to previous generations. Despite being labeled as lazy, a 2023 study by Alliant Credit Union reveals that millennials are actually the most financially motivated and responsible cohort, driven largely by necessity.
Alliant’s research indicates that 53% of millennials anticipate inheriting $350,000 or more from their parents, while boomers plan to bequeath $250,000 or less.
Regarding income, Knight Frank notes that attaining the top 1% of earners in America now requires $5.8 million, representing a $700,000 increase from just one year ago.
