Gen X and millennials emerge as biggest beneficiaries of the ‘Great Wealth Transfer’ as baby boomers pass on money, property and power
A historic transfer of wealth is underway, one that could redraw the contours of global finance, property markets and consumption patterns over the next decade.
An estimated $38.3 trillion in wealth will pass from older generations to Gen X and millennials over the next 10 years, driven largely by the passing of baby boomers, according to Coldwell Banker’s Global Luxury 2026 Trend Report, published on Friday. Of this, $4.6 trillion will come in the form of real estate, underscoring property’s central role in the coming generational reset.
The phenomenon, widely referred to as the “Great Wealth Transfer”, is already reshaping how younger generations think about money, assets and long-term security. And this is only the beginning. Over a longer horizon, the numbers are even more staggering. By 2048, younger generations are expected to inherit $124 trillion, according to a 2024 report by financial services intelligence firm Cerulli Associates.
A once-in-a-century wealth shift
The scale of the transfer is unprecedented, both in absolute terms and in its potential economic impact. Baby boomers, who accumulated wealth during decades of rising asset prices, low interest rates and globalisation, are now beginning to pass on their fortunes.
Coldwell Banker notes that wealthy individuals, defined as those with a net worth of at least $1 million, expanded their wealth by nearly 40 per cent between 2020 and 2025, while their real estate holdings grew by more than 29 per cent over the same period. This rapid accumulation has set the stage for an inheritance wave that will disproportionately benefit Gen X and millennials.
“The next generations are inheriting a historic amount of wealth and approaching luxury with intention,” said Michael Altneu, Vice President of Coldwell Banker Global Luxury. “They are choosing homes that reflect their identity, support their day-to-day lifestyles, and protect long-term financial value.”
Real estate takes centre stage
Unlike previous generations, Gen X and millennials are expected to channel a larger share of inherited wealth into real estate, treating property not just as shelter but as a strategic asset.
“Younger buyers are approaching asset allocation differently than older generations,” Altneu said. “They’re weighting real estate more heavily in their portfolios, signaling a preference for stability, utility, and long-term value.”
This shift has implications far beyond individual balance sheets. Increased demand from inheritance-backed buyers could provide structural support to housing markets, even as affordability concerns persist for first-time buyers without access to generational wealth.
The report suggests that real estate is increasingly viewed by younger inheritors as a hedge against inflation, market volatility and geopolitical uncertainty, rather than merely a lifestyle upgrade.
New cities, new power centres
As wealth changes hands, so too does geography. Coldwell Banker identifies a group of emerging real estate hotspots that are benefiting from changing preferences among younger, wealthier buyers.
The shift reflects broader trends accelerated by the pandemic, remote work, decentralisation of talent, and a move away from traditional global financial capitals toward cities offering affordability, space and lifestyle appeal.
Not an equal inheritance
While the headline numbers are eye-catching, the Great Wealth Transfer will not be evenly distributed. A significant portion of the $38 trillion will accrue to a relatively small segment of the population, reinforcing existing wealth inequalities.
For those outside the inheritance loop, rising property prices fuelled by wealth-backed buyers could make home ownership even more elusive. At the same time, increased concentration of assets within families may reshape political and economic power structures in subtle but lasting ways.
Still, for Gen X and millennials who do inherit, the coming decade represents a rare moment of financial empowerment, one that could redefine how wealth is stored, spent and preserved.
A generational turning point
As baby boomers pass the baton, the combination of cash, property and financial assets moving into younger hands marks a turning point for global capitalism. The $38 trillion question is not just who inherits the money, but how it is deployed.
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