The face of wealth is changing: Increasingly younger, female, and openly queer people will control family fortunes as a result of the much-anticipated Great Wealth Transfer, writes UBS.
Studies have found that over the next 20 to 30 years, as much as $124 trillion will be passed down from older generations to their younger counterparts. The baby boomers—people born between 1946 and 1964—are the wealthiest generation in history. As these individuals begin passing on their fortunes, sums will go immediately to their Gen X, millennial, and Gen Z successors, and some cash will go to spouses.
According to UBS modeling, over the next two decades, some $80 trillion will change hands. The demographics of younger generations are different from those of their parents or grandparents, UBS’s Paul Donovan wrote last week.
“Wealth owners will be younger, more female—and more openly queer,” he said.
