"Between now and 2048, an estimated $124 trillion in family assets will be passed from Generation X to millennials and Gen Z, the first mass transfer of its kind. This is a phenomenon so significant that it is named the Great Wealth Transfer, and it's an event that began unfolding in the mid-2010s, catalyzed by the retirement of the Baby Boomer generation."
"Swiss banking giant UBS, in its 2024 wealth report, estimated that $83 trillion globally will be passed on within the next two decades, and that a large chunk of these assets will be held across the Asia Pacific region. A recent McKinsey report showed that the value of these assets circulating in this Eastern region could be worth $5.8 trillion by 2030."
"As a fourth-generation heir of the Kowloon Motor Bus Company, Hong Kong's oldest transportation company, I inherited my family's wealth at a really young age due to premature deaths within my family. Despite this, I managed to carry the business forward as a director and figurehead, which I believe is rare since research has shown that as many as 90% of family wealth is often lost by the third generation."
An unprecedented intergenerational transfer will move roughly $124 trillion in family assets from Generation X to millennials and Gen Z by 2048, labeled the Great Wealth Transfer and accelerated by Baby Boomer retirements. Cerulli projects about $105 trillion to heirs and $18 trillion to charity, while UBS estimates $83 trillion transferring globally in the next two decades with significant holdings in the Asia Pacific. McKinsey forecasts $5.8 trillion circulating in Eastern markets by 2030. A fourth-generation Kowloon Motor Bus heir inherited young, sustained the business despite high generational wealth attrition, and notes elder concerns about educating successors and managing the transfer.
Read at Entrepreneur
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