Global banking giant UBS says trillions of dollars are set to be inherited over the coming decades.
In a new report by UBS He says That $83 trillion in private wealth around the world will be transferred to new beneficiaries over the next two or three decades. According to UBS, this would represent “the largest transfer of wealth in modern history” from one generation to another.
“Driven by aging demographics, longer life expectancy, and decades of rising asset prices, this shift will reshape the wealth landscape as we know it.”
According to According to UBS director and strategist Libby Staniel, just over a third of massive wealth transfers will occur in the United States.
“…$83 trillion. That’s almost three times the size of the United States’ GDP. And most of that $83 trillion will be transferred in the United States, about $29 trillion. So the scope and size alone makes this truly unprecedented.”
Staniel says that the transfer of wealth will occur both horizontally (between spouses) and vertically (from one generation to the next). According to Stantial, beneficiaries of the massive wealth transfer will include even older generations, such as those born before 1981.
“You also said baby boomers…Generation Z, millennials, and that’s certainly true in the majority, will be carried over from those generations.
But in fact, Generation X and baby boomers, too, are receiving wealth for some time for the first time. So it’s not about age when it comes to transferring wealth as much as it is about preparation and responsibility.
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