Middle class millennials set to gain most from ‘unprecedented’ wealth transfer

Inheritance from grandparents is increasingly playing a part in the transfer of wealth in the UK. Photograph: FilippoBacci/Getty Images, posed by models

The wealthiest baby boomers are more than twice as likely to pass on gifts to their children than their poorer counterparts, according to research suggesting that a huge transfer of wealth and assets now taking place will exacerbate inequalities.

Britain’s decades-long wealth boom is now being passed down the generations. The number of gifts and inheritances were hitting record highs at the end of the 2010s. However, the way it is being distributed means that wealth inequalities look set to echo long into the future, according to new research from the Resolution Foundation to be published this week.