However, over the next twenty years, Millennials are poised to inherit some $90 trillion of assets and become the richest generation in history – but only the ones who already come from affluent families, potentially deepening wealth inequality further.
Between now and 2044 in the US, the Silent Generation and Baby Boomers are expected to hand over the reins of their significant wealth to Millennials, according to The Wealth Report, a periodic report from global property consultant Knight Frank.
But whether you’re a Millennial on the receiving end of that wealth transfer is largely a lottery of birth.
Looking ahead, the number of supremely wealth people is expected to increase by 28% over the next five years, according to the report.
More growth in ultra-high-net-worth individuals is expected in Asia, including India, China, Malaysia and Indonesia, the report said.
Persons:
Millennials, Knight Frank, Liam Bailey, ” Mike Pickett, Z, ” Pickett, “, ”, Bailey
Organizations:
DC CNN, Boomers, Cazenove
Locations:
Washington, North America, Africa, America, Asia, India, China, Malaysia, Indonesia