Global banking behemoth UBS is saying that trillions of dollars are set to be inherited over the coming decades.
In a new report, UBS says that $83 trillion in private wealth across the globe will be transferred to new beneficiaries over the coming two to three decades. According to UBS, this will mark the “largest transfer of wealth in modern history” from one generation to another.
“Driven by aging demographics, longer life expectancies and decades of rising asset prices, this shift is set to reshape the wealth landscape as we know it.”
According to UBS director and strategist Libby Stantial, a little over a third of the massive wealth transfer will occur in the US.
“…$83 trillion. That’s almost three times the size of the US GDP. And most of that $83 trillion is going to be transferred in the United States, about $29 trillion. So the scale and the size alone make this truly unprecedented.”
Stantial says that the wealth transfer will occur both horizontally (between spouses) and vertically (from one generation to another). According to Stantial, the beneficiaries of the massive wealth transfer will include even older generations, such as those born before 1981.
“You also said baby boomers… Gen Z, millennials, which is certainly true in the majority, is going to be passed on from those generations.
But it’s actually Gen X and baby boomers as well, receiving wealth for some of the first time. So it’s less about age when it comes to the wealth transfer and more about preparedness and responsibility.”
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The post ‘Largest Transfer of Wealth in Modern History’: $83,000,000,000,000 in Private Wealth To Change Hands Globally Over Next Two to Three Decades: UBS appeared first on The Daily Hodl.
