The Great Wealth Transfer: How $68 Trillion Will Change the Global Economy

📅December 30, 2025 at 1:00 AM

📚What You Will Learn

The scale and timeline of this historic wealth shift.
How it will change investment priorities and markets.
Impacts on economic growth and capital allocation.
Preparation tips for inheriting or transferring wealth.

📝Summary

The Great Wealth Transfer is the largest intergenerational shift of assets in history, with estimates ranging from $68 trillion to $124 trillion moving from Baby Boomers and the Silent Generation to younger heirs over the next 20-25 years.

This monumental event will alter investment trends, economic growth, and wealth management practices worldwide.

As younger generations inherit this fortune, expect shifts toward sustainable investing and new financial priorities.

ℹ️Quick Facts

$68-124 trillion in assets will transfer by 2048, dwarfing previous historical shifts.
High-net-worth households (just 2% of total) will drive 50% of the transfer, or $62 trillion.
Gen X inherits most in the next decade; Millennials over 20 years.

💡Key Takeaways

Younger generations prioritize ESG and ethical investments, potentially lowering capital costs for sustainable projects.
Asset price surges since COVID have boosted transfer values from $84T to $124T.
Women will gain significant control, with $9T passing sideways to female partners.
Planning is crucial for both givers and receivers to navigate taxes and strategies.
This equals three years of global fixed capital investment, influencing economic structures.

The Great Wealth Transfer is an unprecedented movement of assets from older generations like Baby Boomers and the Silent Generation to Gen X, Millennials, and charities. Cerulli Associates estimates $68-124 trillion will shift over 20-25 years, fueled by booming asset prices in equities (up 27%) and real estate (up 39%) since COVID.

This dwarfs the U.S. GDP of $27.4T in 2023, marking the largest transfer ever. Wealthy households (top 1.5-10%) control most, with high-net-worth families driving half via investable assets.

It's already underway, accelerating next decade with different priorities from heirs.

Gen X heirs receive the largest share next 10 years; Millennials dominate over 20 years. About $54T passes to spouses first, with $40T to widowed women, then to kids.

By 2048, $100T+ flows to heirs and charities from Boomers/Silent Gen. High-net-worth (over $10M) households, now 45% of assets, amplify the scale.

This $80-124T shift equals three years of global capital investment, reshaping funding for businesses. Younger inheritors and women favor ESG, potentially cutting costs for long-term, sustainable projects while raising them for traditional ones.

Governments may target via taxes, hiking private equity costs (family offices allocate 20%+ there). Expect booms in real estate, debt relief, and charities.

Heirs show new philosophies: Gen Z and women prioritize ethics over boomer-era strategies. Wealth managers must adapt to retain clients amid these changes.

Projections rose due to older households holding 61% of U.S. wealth (up from 54%). Prepare with estate planning to minimize taxes and align with heir goals.

Givers: Update wills, discuss plans with heirs. Receivers: Learn wealth management, consider advisors.

Firms: Digitize for next-gen clients expecting ESG focus. This transfer redefines economies—position yourself now.

⚠️Things to Note

Estimates vary: Cerulli projects $124T by 2048; others cite $68-84T through 2045.
Much wealth goes to spouses first ($54T intragenerational), then heirs.
Concentrated in US, UK, Europe, Japan; delayed in Asia due to recent wealth creation.
Governments may tax or redirect funds, raising private investment costs.

Back to Articles