Great Wealth Transfer

While estimates for the Great Wealth Transfer reach as high as $124 trillion, a report from Visa Business and Economic Insights put the number at $93 trillion. The analysis determined that after excluding top 1% wealth, deducting liabilities, accounting for retirement spending, and taxes and fees, only an estimated $36 trillion will be passed on by baby boomers. Due to high debt levels and wealth concentration among certain groups, the average inheritance amount may overstate what most millennials and Gen Xers will actually receive.

More U.S. businesses are being inherited than purchased, according to Bank of America's Private Bank Study of Wealthy Americans. By 2026, 23% of businesses among wealthy Americans are projected to be inherited versus 11% purchased, marking a shift in the Great Wealth Transfer, which involves $36 trillion to $124 trillion in assets moving to younger generations over two decades.

UBS reports that the Great Wealth Transfer will shift wealth demographics toward younger, more female, and openly queer individuals over the next two decades, with $80 trillion expected to be transferred. LGBTQ+ and women investors are projected to influence investment strategies and capital costs as they inherit larger portions of family wealth.

U.S. charitable giving reached a record $617.2 billion in 2025 despite inflation and economic pressures, driven by individual donations, foundation contributions, and increased bequests. The rise in bequests, linked to strong financial markets, signals the start of the Great Wealth Transfer, with $124 trillion projected to shift to younger generations by 2048.

Tens of trillions of dollars are being transferred between generations, causing disruption in traditional financial advisory relationships as younger heirs show little loyalty to established advisers.

U.S. charitable giving reached $617 billion in 2025, a 3% increase driven by growth in bequests and foundation donations. Charitable bequests rose 16.6% to $62 billion, partly due to strong stock market performance, while foundation giving hit an inflation-adjusted record of $117 billion. Paul Allen’s estate contributed $3.1 billion in 2025 through a bequest.

U.S. charities received $617 billion in donations in 2025, a 3% inflation-adjusted increase from the previous year, driven by strong market performance and increased giving across all donor categories. Bequests rose 17%, signaling the start of the Great Wealth Transfer as baby boomers pass wealth to heirs and charities.