America's billionaires are older than ever, with one in five already in their 80s or 90s-as millennials await the Great Wealth Transfer

"Many of the world's billionaires are far older than the tech-founder stereotype, at 103 years old, George Joseph is still actively involved in his company, Mercury General. In fact, young billionaires (under 50) make up just 10% of the global billionaire population. And as these ageing billionaires prepare to pass on their fortunes, an estimated $124 trillion will be transferred by 2048-mostly to millennials."

"Wilma Tisch, age 98, has a net worth of $2 billion. She inherited her wealth from her husband and brother who started Lowes corp in 1946 when Laurence Tisch convinced his parents to invest $125,000 to buy a resort hotel in Lakewood, New Jersey. Then there's Alice Schwartz, who at 99 has a net worth of $2 billion. She is one of the founders of Bio-Rad Laboratories, a science and diagnostics company she launched with her husband in 1952."

"Take George Joseph for example, the founder of insurance company Mercury General has a net worth of $2.3 billion and still shows up to work at the age of 103. The World War II veteran remains actively involved in the company and has approximately 35% ownership. He's expected to turn 104 next week and is the oldest billionaire in America."

Global billionaire demographics skew older, with just 10% under 50 and one in five in their 80s and 90s. Many over-90 billionaires exist, including a record 36 in America. Aging billionaires include Wilma Tisch (98, $2 billion, inherited Lowe's-related wealth) and Alice Schwartz (99, $2 billion, cofounder of Bio-Rad Laboratories). Some centenarians remain active in business, such as George Joseph (103, founder of Mercury General, roughly 35% ownership) who still works. An estimated $124 trillion will transfer by 2048 primarily to millennials as older billionaires pass on fortunes. Many could afford leisure but continue contributing to their companies.

Read at Fortune