Wealth Transfer: Millennials & Gen Z to Overtake Boomers by 2040
“`html
The Great Wealth Transfer Accelerates: Millennials and Gen Z Poised to Dominate ultra-High-Net-Worth Population
Table of Contents
A new report from Altrata reveals a significant shift in the composition of the world’s ultra-wealthy, driven by the ongoing Great Wealth Transfer.
The Rise of the Ultra-Wealthy
The number of individuals worth at least $30 million reached 510,810 at the end of June, representing a 5.4% increase since the beginning of the year, according to Altrata’s latest world Ultra Wealth Report. This growth underscores the continued accumulation of wealth at the highest levels, despite global economic uncertainties.
The combined net worth of this group totals $59.8 trillion. this figure highlights the immense economic power concentrated within this relatively small segment of the population.
Generational Breakdown: A Shifting Landscape
Currently, the ultra-wealthy population is dominated by older generations:
| Generation | Percentage of Ultra-Wealthy |
|---|---|
| Baby Boomers | 45% |
| Silent Generation (born 1945 or earlier) | 22% |
| Generation X | 25% |
| Millennials & Generation Z | 8% |
However, this distribution is poised for a dramatic conversion due to the Great Wealth Transfer – the largest intergenerational transfer of wealth in history.
the Great Wealth Transfer: A Timeline of Change
Altrata projects that by 2040, Millennials and Generation Z will constitute more then a third of the ultra-wealthy population. Specifically: