Posted on 03/02/2024 10:25:34 AM PST by EBH
Many millennials are currently grasping in frustration at long-held American Dreams like homeownership, a steady job and an affordable cost of living. However, over the next twenty years, Millennials are poised to inherit some $90 trillion of assets and become the richest generation in history – but only the ones who already come from affluent families, potentially deepening wealth inequality further.
Between now and 2044 in the US, the Silent Generation and Baby Boomers are expected to hand over the reins of their significant wealth to Millennials, according to The Wealth Report, a periodic report from global property consultant Knight Frank.
But whether you’re a Millennial on the receiving end of that wealth transfer is largely a lottery of birth.
Ultimately, this wealth shift is a result of inheritance from prior generations, largely involving property but also other assets. It will bring “seismic” changes to how wealth is put to use, said Liam Bailey, global head of research at Knight Frank, in a statement.
The research also showed that affluent young people are less likely to see property or real estate as a way to build wealth in the future.
“The low interest rate environment and impressive growth in house prices over the past 15 years is unlikely to be repeated in the next 15,” Mike Pickett, director of Cazenove Capital, said in the report. There’s evidence, he said, that the following generation, Gen Z, may be more comfortable renting a home, leasing a vehicle and living a subscription lifestyle than prior generations.
“It goes beyond a simple shift of existing wealth,” Pickett said. “I think the diversity of opportunity to create wealth has also grown — for example, there are YouTubers worth tens of millions. First-generation wealth creation is on the rise, as is the array of entrepreneurial routes...
(Excerpt) Read more at cnn.com ...
And who are they getting it from once again, you Boomer Haters?
They are going to inherit it or the government is going to find a way to take it.
“You will own nothing and be happy.”
They are becoming this rich from the money they have taken from the average to poor person. They do it through our government and representatives.
Door number 2.
“The low interest rate environment and impressive growth in house prices over the past 15 years”
Oh Don’t Worry, there’ll be another crash for people to take advantage of. Ridiculous inflation is like that: what goes up...
Nice! They’ll be able to pay for my Social Security and Medicare.
The idea that the US is on good footing, or has a positive future, is nonsense.
What good is BS inflated money when your country is trash?
I would rather be lower-middle class in a white country, than rich in Brazil or Mexico.
And I have learned that anyone -anyone- can become wealthy in America, or at least what used to be America. I’m not wealthy, but I know I am blessed beyond measure and probably live better than 90% of the people on the planet.
Start gifting non taxable money as early as possible, if your kin are trustworthy and reliable.
Solution: A Contract With Millenial America.
Create discussions amongst themselves.
They’re 42 years old and under. A good time to expose them to what’s ahead.
$90 trillion, is that enough to buy a gallon or two of milk a decade from now?
There isn’t going to be a USA in 2044. The American empire will collapse well before then especially if the Russian, Chinese and North Korean atomic bombs decide to make a brief landing stop in Washington DC.
It will split the USA into three regions, the miserable West coast region annexed by Mexico, the miserable Northeast region annexed by New Canada and then the prosperous middle America region in between.
That is the future. The Pygmy cannibals and Mexican drug cartels will be fighting for scraps. /spit
I posted this to a story from January: Empty-nest baby boomers won't give up their large homes — and it's hurting millennials with kids
-PJ
The next thing will be these whiners complaining that it's not fair that boomers are leaving their homes to their children as an inheritance.They'll complain that it's cheating or something, that there ought to be a waiting list for homes and that just because someone owns one now doesn't mean their kids get first dibs on it when they die.
I, unfortunately, think we are beyond the event horizon.
Both parties are owned by the same oligarchs.
I don’t see how voting matters. I’m not certain it did for my entire adult life.
Creating discussions could help. It’s technically not over yet.
“If their inheritance and family is wealthy enough”=code word for privileged whites.
First of all, this is BS. Very few of them have this kind of wealth. If they are talking about homes and property… that’s also BS.
Yep, setting the stage for seizing 401Ks.
“what goes up...”
And when real estate crashes, millennials will get great prices on property, while boomers and gen-x puke out of their real estate for a loss.
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