Millennials to become richest generation in history

For much of their adult lives, Millennials have carried the weight of financial struggle. From graduating into the Great Recession to navigating student debt, soaring housing costs, and an unpredictable job market, many have watched traditional milestones like homeownership and long-term stability slip further out of reach. Yet, paradoxically, this same generation is now on the cusp of becoming the richest in history. Over the next two decades, an estimated $90 trillion in assets will be passed down from Baby Boomers and the Silent Generation, creating an unprecedented transfer of wealth that has the potential to reshape the financial landscape for years to come.

But this transformation comes with caveats. The wealth will not flow evenly to all Millennials, and the conditions under which it is inherited may deepen existing inequalities rather than resolve them. At the same time, shifting attitudes toward property, new avenues of wealth creation, and a surge in global affluence among the ultra-rich are changing how prosperity is defined and pursued. What emerges is a story that is as much about opportunity as it is about disparity—a moment in history that demands careful reflection on who benefits, how wealth is used, and what this means for society’s future.

A Historic Transfer of Wealth on the Horizon

Over the next two decades, Millennials are set to experience a financial shift unlike any generation before them. Analysts project that they will inherit an extraordinary $90 trillion in assets from the Silent Generation and Baby Boomers, a transfer that will make them the richest generation in history. According to The Wealth Report by Knight Frank, this massive handover of property, investments, and other financial holdings will create what some describe as a “seismic” reordering of how wealth is held and managed in society. In practical terms, this will mean that many Millennials—currently navigating high housing costs, economic instability, and stagnant wages—could soon find themselves in possession of fortunes that completely transform their financial realities.

But it is equally important to recognize that this inheritance is not evenly distributed, nor will it be. Experts caution that the great wealth transfer is largely a lottery of birth, where only those who already come from affluent families stand to benefit significantly. For the majority of Millennials, particularly those from working- or middle-class backgrounds, the promise of wealth remains elusive. This dynamic risks amplifying the inequality that already exists within the generation, creating a sharper divide between those with access to generational wealth and those left to navigate rising costs of living without such support. The narrative, then, is not one of universal prosperity, but of selective enrichment that could exacerbate longstanding financial divides in society.

Adding another layer of complexity is the shifting perspective younger people hold about what wealth means and how it should be managed. Baby Boomers, whose fortunes were often built on homeownership and steadily appreciating property values, saw real estate as the foundation of financial stability. However, affluent Millennials are increasingly skeptical of property as the central pillar of wealth-building. Many see the surges in home prices and the historically low interest rates of the last 15 years as unlikely to repeat themselves in the coming decades. Instead, their attitudes reflect a broader rethinking of financial security, where investments in diverse assets—from entrepreneurship to digital opportunities—are seen as viable, and sometimes preferable, alternatives to traditional real estate. This marks not only a financial shift but also a cultural one, as younger generations redefine the markers of prosperity in ways that depart from their parents and grandparents.

Shifting Attitudes Toward Property and Wealth

For generations, property ownership has been synonymous with financial stability. Baby Boomers, in particular, benefited from decades of rising home values and relatively low entry barriers to purchasing real estate. However, Millennials are confronting a very different landscape. With home prices at record highs in many markets and wages that have not kept pace with inflation, property has become less accessible as a wealth-building tool. Many young adults find themselves priced out of homeownership altogether, leading to frustration with the traditional markers of the so-called “American Dream.”

Even for those who stand to inherit wealth, there is growing hesitation around tying financial futures too closely to real estate. Analysts note that affluent Millennials are far less likely than previous generations to see property as the primary vehicle for wealth creation. As Mike Pickett of Cazenove Capital explains, the last 15 years of impressive house price growth and favorable borrowing conditions are unlikely to be repeated. Instead, younger generations are exploring more flexible and diversified approaches—ranging from digital entrepreneurship to investments in technology and creative industries. This pivot reflects not just economic realities but also cultural shifts, as many Millennials and their Gen Z counterparts embrace lifestyles that prioritize mobility, renting, and subscription-based models over long-term ownership.

The Rise of First-Generation Wealth

While inheritance will play a defining role in shaping Millennial wealth, it is not the only story. Increasingly, younger people are generating significant fortunes on their own, often in unconventional ways. The rapid expansion of the digital economy has created opportunities that were almost unimaginable to earlier generations. Content creators on platforms like YouTube and TikTok, for instance, have built multimillion-dollar businesses, while others are leveraging e-commerce, technology startups, and global freelance marketplaces to create financial success outside of traditional employment.

This trend highlights an important counterpoint to the inheritance narrative: the democratization of wealth creation. Whereas prior generations were often reliant on property or established corporate careers, Millennials and Gen Z are showing that entrepreneurial drive and digital fluency can serve as powerful wealth generators. The accessibility of these routes, however, remains uneven. While the barriers to entry for building an online brand or launching a startup may be lower than, say, purchasing real estate, success often still requires education, networks, and, in many cases, initial capital. The result is a wealth landscape where inherited affluence and self-made fortunes coexist, but not always on equal footing.

A Surge in Global Ultra-Wealth

The story of Millennial wealth is also unfolding against a backdrop of rising global affluence among the ultra-rich. According to Knight Frank’s report, the number of ultra-high-net-worth individuals—defined as those with more than $30 million in assets—grew by 4.3% in 2023, reversing declines from the previous year. North America led this resurgence, with a 7.2% increase in its ultra-wealthy population, while the Middle East and Africa also saw notable growth. Only Latin America recorded a decline in this category.

This trend underscores how wealth, far from being static, is continuously shaped by global economic conditions. Factors such as improving interest rate outlooks, robust U.S. economic performance, and surging equity markets contributed to the rebound. Importantly, this expanding pool of ultra-wealthy individuals shows a continuing preference for property as an investment vehicle, with significant portions planning to allocate money into both commercial and residential real estate. Over the next five years, the number of ultra-wealthy individuals worldwide is projected to grow by nearly 28%. Although slower than the previous half-decade’s pace, this rise points to the continued concentration of wealth at the top, even as generational transfers reshape ownership patterns.

Inequality at the Heart of the Wealth Shift

Despite the eye-catching figures surrounding Millennials’ potential inheritance, the reality is that the great wealth transfer will deepen, rather than resolve, existing inequities. The vast sums changing hands will overwhelmingly go to individuals already positioned within the top tiers of the income ladder. Those without inherited wealth will likely continue to struggle with the same barriers to upward mobility that have defined their financial lives thus far: stagnant wages, unaffordable housing, and rising costs of essentials such as healthcare and education.

This divergence raises difficult questions about the role of inheritance in perpetuating inequality. If wealth primarily circulates within already affluent families, broader society risks becoming even more stratified. At the same time, the rise of first-generation wealth through digital and entrepreneurial avenues provides a glimmer of hope that new opportunities for prosperity exist outside inherited privilege. Policymakers, economists, and cultural leaders increasingly warn that how this transition is managed—through taxation, regulation, and innovation—will play a significant role in determining whether the next twenty years lead to greater financial inclusion or a further entrenchment of the wealth divide.

What This Means for the Future

The transfer of $90 trillion to Millennials represents more than just an economic milestone—it is a turning point with the power to redefine how wealth is understood, distributed, and used. For individuals, it may open doors to financial freedom, entrepreneurship, or early retirement. For societies, it carries both risks and opportunities: the potential to entrench inequality on one hand, and the possibility of broader reinvestment and innovation on the other.

What emerges most clearly is that wealth alone does not guarantee stability or equality. How Millennials choose to wield these resources—and how governments and institutions shape policies around taxation, housing, and opportunity—will determine whether this transfer marks an era of greater prosperity or deepening divides. For those watching from the sidelines, the moment serves as a call to reflect not just on what wealth is, but on how it can be leveraged responsibly for both personal advancement and collective well-being.