Over the next decade or so, a massive transfer of wealth and assets will occur as the silent generation and baby boomers’ hand over the reins to millennials, according to Knight Frank in its upcoming Wealth Report.
The shift will see $90 trillion of assets move between generations in the United States alone, making affluent millennials the richest generation in history.
The transfer is happening amid seismic changes in how wealth is put to use. The difference in outlook between younger and older generations will result in a substantial reappraisal of marketing strategies for anyone wanting to sell products or services to this newly wealthy group.
The full wealth report is coming March 6.