"I think the beautiful part about the 'Peak 35' is it puts us in a position that many generations haven't been in before. When you start to think about this Great Wealth Transfer, yes, assets have been transferred before, but never to the extent that we see it now and never as intentional as we've seen it now."
"Millennials' net worth has quadrupled in just five years, according to a report released by Equitable Advisors. Between late 2019 and late 2024, the total net worth of millennials went from $3.9 trillion to almost $16 trillion, and that's just the start of a greater transfer of assets that yet to come as more baby boomers approach the retirement age."
"About 69% of people indicated that they're already starting to have these inheritance conversations with parents. And in the past, that wasn't the norm. With 4 million baby boomers turning 65 and roughly 4 million millennials turning 35 this year, Grant says it's forcing a new kind of communication between generations that he hasn't seen before."
Millennials are experiencing significant financial growth as they enter their 30s, with net worth increasing fourfold from $3.9 trillion in late 2019 to nearly $16 trillion by late 2024. This surge is driven by the largest wealth transfer in history, with over 70% of millennials expecting to inherit assets from baby boomer families. Financial experts attribute this phenomenon to intentional wealth transfer at unprecedented scale. As 4 million baby boomers turn 65 and 4 million millennials turn 35 this year, intergenerational communication about inheritance has become normalized, with 69% of people already discussing these matters with parents—a significant shift from historical norms.
#millennial-wealth #generational-wealth-transfer #net-worth-growth #inheritance-planning #baby-boomer-assets
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