Millennials Stand to Inherit $90 Trillion in Massive Wealth Transfer.

Although it means the death of their parents and grandparents, as baby boomers (those born between 1946 and 1964 and the Silent generation (those born between 1928 and 1945) go to meet their Makers, they will transfer their properties and equity-rich assets to the Millennials (those born between 1981 and 1996). Estimates have been published and Knight Frank is estimated to see the movement of $90 Trillion worth of assets which makes the affluent millennials the richest generation in history. It comes as a breath of fresh air for some or a distraction to others. This is because even though on paper this seems great, in reality, this may not necessarily be a good thing as soaring rents, rising inflation and student debt have contributed to millennials’ struggles to purchase their own homes or build up their savings and unless your parents acquired property to hand over to you and were able to hold onto it, not to be squeezed out due to rising costs this may not be of benefit to you.

With a focus on the positive, the potentially great wealth handover will likely have reverberations in the job market, economy, real estate and lifestyles of the recipients of this largess. Millennials, who are contending with credit card debt, burdensome student loan repayments and the challenges of affording a new home and having children, may see their fortunes change almost overnight. This newfound wealth will offer financial security to Millennials. The influx of funds will open doors toward homeownership, debt-free living and having sufficient resources to take career risks. Furthermore, If you don’t have a nest egg, you’ll most likely stay in a job that you hate because you cannot afford to lose your health benefits or have long gaps in employment.

With a lofty inheritance, Millennials can approach the job market differently. Instead of chasing dollars to make ends meet, they will have the luxury of pursuing opportunities that offer meaning and purpose that fulfil social causes.

This shift is the largest wealth transference in history. It was rightly described as “seismic” by Knight Frank, as it is estimated to make millennials five times richer in 2030 than they were in 2019. (CNN)