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A seismic shift of wealth is beginning in the US, which will create the richest generation in recorded history, according to a new report.
The global real estate consultancy firm Knight Frank is releasing its 2024 Wealth Report, and it finds boomers will hand $90 trillion in assets to millennials over the next 20 years, reports Fortune.
That number is higher than other estimates, which have pegged the transfer at somewhere between $53 trillion and $84 trillion.
Regardless, by 2030 millennials are expected to have five times as much wealth as they have today, according to Coldwell Banker.
It follows after a rough ride for the generation, which has suffered the consequences of the 2008 financial crisis and an era of money printing that has significantly lowered the purchasing power of the dollar.
According to Knight Frank, there’s evidence that millennials blame prior generations for creating the uphill battle they now face.
And despite being tagged as lazy, a 2023 report from Alliant Credit Union found millennials are actually the most fiscally motivated and responsible generation, largely out of necessity.
Alliant also says 53% of millennials believe they’ll receive $350,000 or more from their parents, while the boomers say they plan to give $250,000 or less.
As for what it takes to join the top 1% of earners in America, Knight Frank says it now takes $5.8 million to join the club.
That number is $700,000 higher than it was just one year ago.
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