Who said millennials are a cursed generation? Contrary to popular belief, Generation Y, born between 1980 and 2000, is destined to become “the richest generation in history”, according to the edition of the wealth report published by the British real estate agency Knight Frank. That's according to the 2024 edition of British estate agency Knight Frank's wealth report.
«In the next decade we will see a massive transfer of wealth and assetsi, while the silent generation and baby boomers will pass the baton to millennials. In the United States alone, $90 trillion in assets will be transferred from one generation to the next, making millennials the richest generation in history. This will make millennials the richest generation in history,” says the real estate agency, in an excerpt from its annual publication.
This upheaval could have far-reaching consequences: «The difference in perspective between the younger and older generations will lead to a substantial reevaluation of marketing strategies for all those who wish to sell products or services to this group of nouveau riche.”
The weight of the real estate sector
How will young millennials spend $90 trillion? Generation Y's favorite investment area could be energy transition. As proof of this, Knight Frank suggests in its opinion poll that four millennials in five would try to reduce their carbon consumption. “Male baby boomers take a different view, with only 59% looking to reduce their impact, well below their female counterparts (67%).”
But be careful: before becoming the richest generation in history, Generation Y now seems to have to face a more difficult reality. They are currently struggling to reach the living standards of older groups, who often own their own home and whose wealth has increased significantly with the surge in property prices. THE millennials they are therefore faced with the difficulty of purchasing their first property or accumulating solid savings.
And even if millennials become the wealthiest generation, this statement hides a wide range of situations. Inequalities within the same generation are set to worsen, given the growing weight of inheritance in individual wealth.
Source: Vanity Fair
I’m Susan Karen, a professional writer and editor at World Stock Market. I specialize in Entertainment news, writing stories that keep readers informed on all the latest developments in the industry. With over five years of experience in creating engaging content and copywriting for various media outlets, I have grown to become an invaluable asset to any team.
