As the Great Wealth Transfer unfolds, Gen X and Millennials are inheriting an estimated $85 trillion by 2048, reshaping the traditional family office landscape. This younger generation prioritizes impact and values, seeking to align profit with progress, unlike previous generations more focused on financial accumulation.
How Gen X and millennials are changing the face of the traditional family office as they inherit over $80 trillion
Millennials and Generation X 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 and ultra-high-net-worth 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.
"I think sustainability and the whole ESG narrative is extremely robust ," the Multipolitan CEO added."So they may not be interested in investing in fossil fuels or oil and gas, but they're very interested in investing in a company like Oatly ... or Beyond Meat," said Handa."People are seeing wars, seeing the impact of climate change... there's a lack of drinking water in many parts of the world," he explained.
"The parents used to be what I call monolithic — they ran one business, but the younger people coming in may not be interested in chemicals, which is the main business, therefore they start to diversify the family office," said Roll.Although it is true that wealth has always changed hands, the significance of the Great Wealth Transfer of our generation can be explained by looking back at the third wave of the industrial revolution.
"Therefore, jobs were created ... Everyone got a car, people got a house ... so you got a lot of major shifts that enabled that kind of wealth creation," Roll told CNBC Make It.
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