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Millennials to become ‘richest generation in history’

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Millennials are projected to become the wealthiest generation in history over the next 20 years, mainly due to the transfer of assets from previous generations, particularly in property.

Despite economic challenges, such as high housing costs and financial setbacks, millennials are expected to see a significant increase in wealth.

The global transfer of $90tn of assets in the US will be “making affluent millennials the richest generation in history”, real estate company Knight Frank wrote.

“Millennials appear to have got the message when it comes to cutting consumption – 80% of male and 79% of female respondents say they are trying to shrink their carbon footprints,” Knight Frank global head of research Liam Bailey stated.

The shift in wealth is likely to influence sustainable investment practices among millennials.

Research indicates a rise in female ultra-high net worth individuals, with trends suggesting continued growth in this segment.

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