The ultra-high-net-worth will move at least $16 trillion to the next generation over the next 30 years in what will be the biggest wealth transfer in history.
That's according to Wealth-X and the NFP Family Wealth Transfers Report, which said that the U.S. alone will be responsible for $6 trillion of that amount.
A lot of that wealth is concentrated in the ownership of privately held businesses, the report noted.
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"A significant number of heirs of UHNW individuals will not want to take over the responsibility of running these companies on a day-to-day basis, and this will lead to large opportunities for sales and public offerings of these companies, and ultimately to the release of even more cash for investments and spending by the next generation," it said.
The wealthiest of this elite UHNW crew are also the oldest, the report said, with those 80 years old or older an average of five times richer than those under 40.
Among those who will be leaving legacies to the next generation, 68 percent are so-called "self-made" individuals. And the money will not just go to family heirs, of course. A healthy sum — an expected $300 billion, in fact — will go to charitable or cultural institutions.
There is a caveat, however. The survey warns that the biggest beneficiary in the U.S. could actually be Uncle Sam:
"Without prior planning, UHNW individuals could lose up to half of their fortunes through inheritance taxes. Preparation is key, and insurance solutions are one of the most efficient ways to transfer wealth to the next generation."
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