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Millennials to become 'the richest generation in history'

22:40, March 1

Millennials will become "the richest generation in history." People born between 1981 and 2000 stand a chance of a “seismic” windfall over the next 20 years, thanks to the wealth assets accumulated by previous generations, according to research from Knight Frank, The Guardian reports.

While the distribution of wealth may change between regions of the world, an even greater shift occurs between generations. As a result of this transition, $90 trillion of assets will move between generations in the US alone, “making wealthy millennials the wealthiest generation in history,” Knight Frank said in its 18th annual wealth report.

The study found that 75% of millennials expect their wealth to increase in 2024, versus 53% of Baby Boomers—born between 1946 and 1964, 56% of Gen X—1965 to 1980, and 69% of Gen Z. In reality, their future financial power is likely to be a divisive lottery largely determined by inheritances from previous generations, including property.

Knight Frank's global head of research, Liam Bailey, said the shift in wealth was likely to support efforts towards sustainable investment and sustainable behavior. “Millennials seem to have gotten the message across about the need to reduce consumption, with 80% of male respondents and 79% of female respondents saying they are trying to reduce their carbon emissions,” he said. 


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