The ongoing transfer of wealth, deemed the greatest in history, signifies a remarkable shift of assets from one generation to the next. This transfer from baby boomers to the younger demographics of Generation Z and millennials (often referred to as Zennials) is estimated at $100 trillion.
It's worth contextualizing the magnitude of this wealth transfer to understand its potential impact. It dwarfs the U.S. gross domestic product (GDP) for 2023, which is estimated at around $26.24 trillion. Investment banker and philanthropist Ken Costa anticipates seismic effects resulting from this transfer of wealth, given that future generations inheriting these riches have different viewpoints from their boomer predecessors.
