Millennials Stand to Gain $90 Trillion Windfall

Millennials Stand to Gain $90 Trillion Windfall

But Inheritance Boon Will Skip Most, Widen Inequality

Over the next 20 years, millennials are set to receive an astronomical $90 trillion transfer of wealth as older generations pass assets down. But the vast majority of that windfall will land in the hands of those born into affluent families, potentially exacerbating wealth inequality.

According to research from global property consultants Knight Frank, baby boomers and the silent generation will soon shift their sizable assets to younger millennials. That comes as millennials currently struggle with buying homes, finding stable work, and covering ballooning costs of living.

Inheritance Lottery for Struggling Generation

The enormous coming transfer underscores the lottery-of-birth factor facing millennials in amassing wealth. Those from well-off backgrounds stand to collect handsome inheritances in property and other assets. But most others face a lengthy climb from debt and financial instability into true prosperity.

Ultra-wealthy millennials also show less desire to build wealth through property or real estate compared to entrepreneurship and new modes like social media influencing. So their inheritances may fund different asset allocations that bring evolutionary changes in how the superrich employ their money.

Widening Gulf Among Haves and Have-Nots

Knight Frank predicts the coming asset transfer will deepen wealth inequality divides. With North America seeing the fastest rise in ultra-high-net-worth individuals globally, the prosperity gulf widens between flourishing and floundering millennials.

While the inheritance wave will lift some millennials to perhaps become the richest generation ever, it looks set to leave most behind and heighten the wealth strata. For debt-laden millennials already struggling to achieve financial stability, their lot is unlikely to improve when contend

Aklimson Phangcho

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