This generation could become ‘the richest in history’, says report

Are you part of this generation born between 1980 and the end of the 1990s? Called millennials, these people have evolved since their earliest childhood in a very particular socio-economic context: growing unemployment, long and costly studies, rising social tensions, weakened pensions… A context of economic difficulties and instability which have pushed this generation to be more centered on itself, to think less in “Career Objective» and to attempt the great adventure of entrepreneurship!

However, despite a lackluster financial situation, a report has just brought balm to the hearts of this generation aged between 25 and 45. Indeed, the Knight Frank firm, an international real estate agency, has just revealed in its 2024 wealth report that millennials are on the verge of becoming THE richest generation in history and for good reason, nearly 90,000 billion dollars of real estate assets should return to them very soon.

Demographic decline and legacy

Here’s what the experts at the Knight Frank real estate group say: “Over the next decade, a massive transfer of wealth and assets will occur as the Silent Generation (1920s to 1940s) and Baby Boomers (1945 to 1960s) pass the baton to millennials“. Also called generation Y, millennials should therefore inherit massively from their elders: “When the Silent Generation, Baby Boomers and the oldest cohort of Generation X die, 2.9 trillion euros of wealth tied up in their homes will be released“.

Good news for this generation who have suffered repeated financial crises for many years, the most significant of which was that of 2008 when they were nearing the end of their studies or entering working life. Conversely, previous generations experienced prosperous years, including the Trente Glorieuses, which allowed them to save more easily, but also to invest in real estate whose prices were much lower compared to salaries.

Economic disparities

If this significant transfer of money from one generation to another promises very good prospects, it is still important to note that economic disparities will persist. Indeed, this wealth being due to an inheritance, economic inequalities will not disappear! If you were born into a family with significant assets and inheritance, you will then be able to benefit from it, but unfortunately this is not the case for everyone! A legacy which also depends on the health care provided to baby boomers and generations X.

Information that experts confirm: “their future financial firepower will likely be an unequal lottery, determined primarily by the inheritance of previous generations“.

An optimistic generation

This massive transfer of wealth to Generation Y will also disrupt global economic prospects and lifestyles. Indeed, the consumption and investment choices of this generation will therefore be more in line with their values, as the report reveals: “This transfer is happening against a backdrop of seismic shifts in how assets are used“.

While they are often described as “frivolous spenders», Millennials could well favor more responsible and more environmentally friendly areas of investment. Data that marketers will have to take into account in their strategy with a reassessment of their offers in order to better meet the expectations of this new generation.

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