A report from the research company Altrata predicts that the world's billionaires will transfer over $31 trillion in wealth to their heirs over the next decade, with North America and Europe expected to see the largest transfers. The New York-based consulting firm stated in its published study that the tenth generation, those born between the mid-1960s and early 1980s, and the millennial generation, those born between the early 1980s and late 1990s, are set to inherit a significant portion of this wealth.
Altrata's report noted that there are approximately 4.4 million individuals in this group, each having a net worth of over $5 million, collectively owning assets worth $88 trillion. Altrata, which used data collected by the Wealth-X division, added, "We expect more than a quarter of these individuals to seek to transfer their wealth over the next decade up to 2033, which will involve an astonishing level of wealth transfer."
The report further stated, "This is an enormous amount, larger than the U.S. GDP of $24.7 trillion in 2023, the largest economy in the world, and more than 10 times the market value of the leading U.S. tech company Microsoft, the most valuable in the world." Among the 1.2 million wealthy individuals worldwide who will bequeath their wealth over the next decade, nearly half will be from North America, collectively redistributing real estate worth $14.1 trillion, followed by Europe at $7.4 trillion and Asia at $6.1 trillion.
The report mentioned, "Although Asia is home to more wealthy individuals than Europe, only one-fifth of the wealth transfer will occur in Asia, largely due to the younger average age of donors (excluding Japan)."
According to the research, the average age of those expected to transfer their wealth over the decade is 75 years, with 25% being 80 years old or older, and only about 10% of them are women. The largest share of this wealth will benefit spouses, children, and nonprofit organizations, but siblings, grandchildren, friends, and colleagues will also benefit, according to the report.