Largest Wealth Transfer in History
Ernst & Young (EY), a major accounting firm, reports that the largest wealth transfer in human history is underway, with trillions of dollars in assets being passed down this year.
Baby Boomers Handing Down Fortunes
EY estimates that baby boomers will transfer up to $3 trillion in assets to their families this year. This “tidal wave” of wealth transfer is expected to continue until the early 2030s.
Female and Next-Generation Inheritors
The inheritance of baby boomers’ wealth will have a significant impact on female and next-generation inheritors. By 2030, wealthy donors will pass on a staggering $18 trillion to beneficiaries, equivalent to China’s annual GDP.
Beneficiaries Unprepared
EY warns that many beneficiaries are not equipped to manage their newfound wealth due to lack of knowledge, experience, and connections. Inheritors often have different needs and values than their predecessors, including younger generations with less financial literacy and unconventional investment beliefs.
