Younger generations are inheriting vast wealth and influencing the evolution of family offices, prioritizing social impact alongside financial gain.
The Great Wealth Transfer is underway, and Gen X and millennials are expected to inherit about $85 trillion by 2048, according to Cerulli Associates. As the baton of wealth is inherited by younger generations, the heirs of wealthy families are taking a more active role in the impact they seek to create in the world by using the traditionally monolithic family office model.
There's a big intergenerational wealth transfer, but the preferences of the baby boomers are starkly different from the preferences of millennials,' Nirbhay Handa, CEO of global migration platform Multipolitan, told Now you have this younger generation which really believes that profit and progress should go hand in hand,' Handa said. Millennials (ages 27 to 42) and Generation X (ages 43 to 58) stand to be the biggest beneficiaries of the wealth transfer, and are expected to inherit about $85 trillion between 2024 to 2048, according to the report. Notably, the majority of wealth transfer will come from high-net-worth (HNW) and ultra-high-net-worth (UNHW) families, who together make up around 2% of all households, according to the report. These families are expected to contribute to over 50% of the transfers, or about $62 trillion. Compared to the baby boomers and older generations,' are less motivated by money, if I generalize, and much more contributing to society,' said Martin Roll, an INSEAD Distinguished Fellow and family business and family office expert for McKinsey and Compan
FAMILY OFFICE INHERITANCE WEALTH TRANSFER MILLENNIALS GENERATION X
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Politics at Work: Gen Z and Millennials Demand Values AlignmentYounger generations are reshaping the workplace by demanding alignment between their personal values and their work environments. Business leaders are challenged to navigate this shift in expectations, with millennials and Gen Z expressing a desire for open political discourse and a commitment to social issues.
Read more »
Why Gen Z loves the digital compact cameras that millennials used to covetDigital compact cameras are showing up on wish lists this holiday season. Here's what to look for when buying one
Read more »
How Millennials and Gen Z Money Worries Are Different Than Those of Older GenerationsGen Z and Millennials are helping shape the future workplace as they advocate for financial stability and purpose-driven professions.
Read more »
Companies Could See Mass Resignation of Gen Z, Millennials in 2025Roughly 51 percent of Gen Z and 47 percent of millennials said they would find a new job if they weren't given a raise next year.
Read more »
Gen Z And Millennials’ Obsession With ’90s Classics Is Transforming Car CultureA US dealer mentioned the example of a client in his 30s who owns a Camaro, a BMW Z8, a Lotus Emira, plus two dailys for him and his wife
Read more »
21 Gen Z Trends That Are Not Cool, From Millennials'Crew socks. Like, unless they're trouser socks for work, no. Just no. I won't go back. Can't make me. Nope. Nope. Nope.'
Read more »