Gen X, millennials to inherit US$31 trillion from wealthy parents by 2033, Altrata says
- Over a quarter of 4.4 million wealthy individuals, each with a net worth of more than US$5 million, could pass their US$88 trillion of assets to their children, Altrata says
Generation X, people born between the mid 1960s and the early 1980s, and Millennials, those born between early 1980s and late 1990s, are set to inherit a substantial portion of the wealth, the New York-based consultancy said in a study released on Wednesday.
There are some 4.4 million individuals who belong to this group, each with a net worth of more than US$5 million, and together they hold assets of US$88 trillion, Altrata said.
“We expect that over a quarter of these individuals will seek to pass on their fortunes in the next decade to 2033, which will involve the transfer of a staggering level of wealth,” Altrata said, which used data compiled by its Wealth-X division.
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“This is a colossal sum, greater than the gross domestic product of the US, (US$24.7 trillion in 2023), the world’s largest economy, and more than 10 times the market capitalisation of US technology giant Microsoft, the world’s most valuable company.”
Of the 1.2 million wealthy individuals globally who will pass their fortunes over the next decade, about half will be from North America, collectively redistributing estates worth US$14.1 trillion, followed by Europe at US$7.4 trillion and Asia at US$6.1 trillion.