America’s billionaires are older than ever, with one in five already in their 80s or 90s—as millennials await the Great Wealth Transfer

Photo of Warren Buffett (Credit: Jamie McCarthy-Getty Images)

• Many of the world’s billionaires are far older than the tech-founder stereotype. At 103 years old, George Joseph is still actively involved in his company, Mercury General. In fact, young billionaires (under age 50) make up just 10% of the global billionaire population. And as these aging billionaires prepare to pass on their fortunes, an estimated $124 trillion will be transferred by 2048—mostly to millennials. 

When people envision billionaires, they may think of the young tech founder stereotype launching unicorn companies left and right. Elon Musk, Sam Altman, and Mark Zuckerberg are all within their forties and fifties, but they’re considered youthful when it comes to the exclusive club of the world’s upper-class.