A seismic shift in wealth has begun in the United States, resulting in the wealthiest generation in recorded history, according to a new report.
Knight Frank, a global real estate consultancy, has released its 2024 Wealth Report, predicting that baby boomers will transfer $90 trillion in wealth to millennials over the next 20 years. report luck.
This figure is higher than other estimates that put transfers between $53 trillion and $84 trillion.
Either way, by 2030, Millennials are expected to have five times more wealth than they do today. according to Caldwell banker.
This is a tough transition for a generation that has suffered from the effects of the 2008 financial crisis and the era of money printing, which significantly reduced the purchasing power of the dollar.
Knight Frank says there is evidence that previous generations are responsible for creating the uphill battles that millennials currently face.
And despite being tagged as lazy, Alliant Credit Union’s 2023 report: found Millennials are actually the most financially motivated and responsible generation, largely out of necessity.
Alliant also said that 53% of Millennials believe they will receive more than $350,000 from their parents, while Boomers intend to give them less than $250,000.
As for what it takes to join the top 1% of American earners, Knight Frank says it currently takes $5.8 million to join the club.
This number is $700,000 more than just a year ago.
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