Millennials on course to become ‘richest generation in history’

February 29, 2024

Millennials may have been portrayed as frivolous spenders squandering their income on overpriced coffees and online barre classes in the face of pitiful long-term finances – but they are on course to become the “richest generation in history”, a study has shown. While the distribution of wealth may be shifting between world regions, an even bigger shift is happening between generations. The switch will see $90tn (£71tn) of assets move between generations in the US alone, “making affluent millennials the richest generation in history”, Knight Frank said in its 18th annual wealth report. Liam Bailey, global head of research at Knight Frank, said the shift in wealth was likely to aid efforts in sustainable investments and behaviour. Property, financial investments and cars were among the most significant sources of wealth, the Knight Frank study found.