Gen Z vs Millennials: Which is richest generation of future, which will own around $90 trillion?
Gen Z, Millennials are competing for place of richest future generation but class system still impacts this race
March 02, 2024
Nowadays, a large number of millennials are frantically clinging to long-cherished American Dreams such as affordable housing, a reliable career, and a low cost of living.
Millennials, the richest generation in history, are expected to inherit around $90 trillion in assets over the next 20 years, but only if they already come from wealthy households, which might further exacerbate wealth inequality, according to CNN.
The Silent Generation and Baby Boomers are anticipated to transfer control of their substantial fortune to Millennials in the US between now and 2044, according to The Fortune Report, a regular publication from international real estate advisor Knight Frank.
However, a lot of the time, birth order determines whether you, as a Millennial, will benefit from that wealth transfer or not.
In the end, inheritance from previous generations—which mostly consists of property but also includes other assets—is what has caused this shift in wealth.
According to a statement from Liam Bailey, global head of research at Knight Frank, it will result in "seismic" changes to how money is used.
Additionally, the study revealed that wealthy youth are less likely to view real estate or property as a means of accumulating wealth over time.
“The low-interest rate environment and impressive growth in house prices over the past 15 years is unlikely to be repeated in the next 15,” Mike Pickett, director of Cazenove Capital, said in the report.
The survey also showed that more people grew wealthier in 2017—a rise in the number of extremely wealthy persons more than offset a decline in the previous year.
According to the research, there were 626,619 ultra-high-net-worth persons worldwide in 2023, an increase of 4.3% from the previous year. This group is defined as those with a net worth of at least $30 million.
More than any other region, North America showed a 7.2% increase in the proportion of ultra-wealthy people over the previous year.
It was followed by Africa, where the super-wealthy increased by 3.8%, and the Middle East, where they increased by 6.2%. Only Latin America has seen a 3.6% decrease in the number of ultra-wealthy people compared to a year ago.
