A recent report indicates that Generation X is on the verge of receiving a portion of an extraordinary intergenerational wealth transfer. Gen X, born between the mid-1960s and the early 1980s, is projected to inherit around $31 trillion in wealth from their predecessors by 2033, according to a report from Altrata, an intelligence think tank.

Altrata’s data reveals that 87% of the individuals transferring their wealth are considered very high net worth (VHNW), with a net worth ranging from $5 to $30 million. Unlike Millennials and Generation Z, who are expected to inherit from their grandparents, Gen X will be the first to receive their share of the wealth.

The report also indicates that corporate executives will make up over 70% of the ultra-wealthy individuals passing on their assets in the coming years, while entrepreneurs will account for 20%, and 7% will be sole inheritors, individuals who have inherited substantial wealth.

“Wealth transfers are increasingly occurring during the lifetime of the head of a family, driven by practical reasons like tax planning and the desire to prepare heirs for future financial stewardship,” Altrata states. “This shift, along with rising global wealth and younger generations’ differing values, highlights the need for families to establish succession plans early and presents new opportunities for organizations that advise, prospect for, and engage with the wealthy.”

In its Global Wealth Management Industry Report, Ernst & Young (EY) estimates that baby boomers will pass down up to $3 trillion in assets to their descendants this year. EY anticipates that this “tidal wave” of wealth transfer from baby boomers to their families will continue well into the next decade.

EY’s report also predicts that a significant amount of wealth will be inherited from wealthy donors in the coming years. The inheritance of baby boomers’ wealth is expected to be the largest transfer of assets in world history and will have a transformative impact on female and next-generation inheritors. Wealthy donors are projected to pass on a staggering $18 trillion, roughly equivalent to the annual GDP of China, to beneficiaries by 2030.

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