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How Will Millennials Spend US$90 Trillion?

The Mackay|Dixon Team|February 29, 2024
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Over the next decade or so, a massive transfer of wealth and assets will occur as the silent generation and baby boomers hand over the reins to millennials. The shift will see US$90 trillion of assets move between generations in the US alone, making affluent millennials the richest generation in history. The transfer is happening amid seismic changes in how wealth is put to use. The difference in outlook between younger and older generations will result in a substantial reappraisal of marketing strategies for anyone wanting to sell products or services to this newly wealthy group.We'll take a deep dive into how this will impact investing when we launch our annual Wealth Report on March 6th. For now, we've shared a few snippets with the media, notably the Times here and Bloomberg here.  You can also catch my appearance on CNBC earlier this afternoon hereThe generational differences in investing strategies will vary, but climate change is just one example through which capital will be redirected. Looking solely at the top line question on carbon emissions from our main Attitudes Survey of wealthy individuals and their advisors, 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. Male boomers take a different view, with just 59% trying to reduce their impact, well below their female peers (67%).You can sign up for the launch of The Wealth Report here.

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