According to a new report from global real estate consultancy Knight Frank, a massive intergenerational wealth transfer of approximately $90 trillion over the next decade will likely make millennials the richest generation ever.

The findings, detailed in Knight Frank’s 2023 Wealth Report set to be released next week, indicate that as baby boomers and the silent generation pass away over the next 20 years, they will transfer their substantial property and financial assets to affluent millennials. 

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• The $90 trillion wealth transfer from Baby Boomers/silent generation to millennials is expected over the next decade.

• Millennials are poised to become the richest generation in history through massive inheritance.

• Millennials display different priorities than older generations, focusing more on climate change.

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Millennials Poised to Become the Richest Generation in History as $90 Trillion Wealth Transfer Takes Place

This enormous shift of wealth to those born between 1981 and 1996 will eclipse any previous generational handovers.

Despite facing soaring rents, rising inflation, and heavy student loan debt, millennials stand to inherit significant riches from their parents and grandparents. 

The common perception that millennials waste money on luxuries like avocado toast and expensive coffee drinks overlooks that this generation has struggled to hit the same financial milestones as previous ones. 

This forthcoming inheritance will give millennials the resources to become homeowners, invest, and build wealth like never before.

According to Knight Frank’s research, wealthy millennials already display different priorities than older generations regarding how they use their money. 

Climate change is a significant area where generational differences emerge. 

80% of millennial men and 79% of millennial women report trying to reduce their carbon footprints. 

In contrast, only 59% of baby boomer men are focused on shrinking their environmental impacts.

Millennials are about to receive the largest generational asset handover ever. 

This is an unprecedented opportunity for them to transform the world by prioritizing issues like sustainability. 

As a result, the global real estate markets and investment landscapes will be shaped by their values over the coming years. 

By 2030, Millennials will possess $90 trillion, making them the most influential generation in history. 

Whether they will use this financial gain to create new opportunities in business, technology, philanthropy, and other fields remains to be seen.

One thing is clear – the wealth transfer will grant them financial power like never before, potentially ushering in an era with millennials as the richest generation.