According to Wealth-X, the average age of individuals in North America set to inherit fortunes from parents worth $5 million or more is 46.1 years old.
While millennials and members of Generation Z are expecting the biggest inheritances in the coming years as baby boomers pass down their fortunes, Gen Xers will likely get the largest windfalls in the near term.
The findings cast a spotlight on the large wealth potential for Generation X, which has been largely overlooked in the discussion of young inheritors. Wealth management firms and private banks have largely been focused on potential clients in their 20s and 30s as they wait for trillions to be passed down by families. More than half of millennials are expecting an inheritance of at least $350,000, according to Alliant Credit Union.
Money can't buy happiness—it's actually the other way around: Happy people ‘are more successful in life,' expert says Inheritances will be extremely concentrated at the top. In the next 10 years, 1.2 million individuals worth $5 million or more will pass down a total of over $31 trillion in wealth, according to the report. Of that amount, nearly two thirds , will be from the ultra-wealthy, defined as those worth $30 million or more. In other words, nearly $20 trillion will be passed down from 155,000 people in that upper echelon of wealth.
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