Every family’s wealth journey is more than numbers on a balance sheet. It is a tapestry woven with memories, values, and hopes for tomorrow. In the coming decades, trillions of dollars will move across generations, reshaping how families view money, purpose, and impact.

Understanding these shifts empowers us to craft strategies that honor our stories and empower heirs to build on our legacy.

Macro Context: The Great Wealth Transfer

The United States alone will experience over $124 trillion moving hands between 2024 and 2048, a phenomenon fueled by Baby Boomers and older generations passing assets to heirs and charities. Of this, nearly $105 trillion is projected to go to family members, while $18 trillion will benefit philanthropic causes.

This transfer isn’t only vertical from parents to children. Nearly $54 trillion will flow horizontally among spouses and peers before ultimately reaching the next generation. Within that, almost $40 trillion arrives in the hands of widowed women, highlighting women emerging as primary asset managers and decision-makers.

• Global scale equivalent to three years of worldwide capital investment, focused in the US, UK, Europe, and Japan.
• Surging asset prices during and after the pandemic—equities up 27% and real estate up 39%—driving household wealth from $108 trillion to $154 trillion.
• Concentration of wealth in the top 2% of households holding 44% of all U.S. assets.

This massive, data-backed shift in global wealth demands thoughtful planning to ensure both financial security and purposeful impact.

Which Generations Will Inherit What?

Generational timing and scale vary dramatically. Gen X will see the largest annual influx over the next decade, receiving about $1.4 trillion per year. Over 25 years, their inheritance may total $39 trillion. Meanwhile, Millennials stand to inherit roughly $46 trillion by 2048, the single largest generational transfer.

Gen Z, still early in their careers, is poised to inherit an estimated $15 trillion, and many are already shaping expectations around digital access and values-based investing.

These numbers reveal both opportunity and responsibility. Families must balance customized intergenerational wealth strategies and planning with education, ensuring heirs are prepared to steward their inheritance wisely.

Aligning Expectations with Planning

While projected inheritances grow, only about 20% of Americans expect to receive one, down from 25% last year. Generation by generation, optimism meets realism: roughly 30% of Gen Z and Boomers+ expect an inheritance, while Millennials and Gen X hover around 26%.

On the giver side, 31% of Americans now plan to leave an inheritance or financial gift—a rise from 26% last year. Younger adults lead the charge: 39% of Gen Z view inheritance as a priority, often ranking it among their top two financial goals.

• Children and grandchildren are intended beneficiaries for about 66% of those planning gifts.
• Spouses receive priority from roughly 40% of participants.
• Charitable or religious causes attract 32% of planned bequests.

Bridging the “legacy gap”—where hopes once exceeded plans—relies on frank family conversations, realistic projections, and professional guidance. Aligning hopes, expectations, and structured plans cultivates trust and clarity.

Shifts in Values and Investment Preferences of Heirs

Today’s heirs demand more than raw returns. Millennials and Gen Z are strongest in seeking values-based investing and impact-driven portfolios. They prioritize tax-efficient structures, mission-aligned asset allocation, and measurable social outcomes.

Within family office portfolios, private markets gain traction. In APAC and Continental Europe, investors allocate 34%–40% to private equity and real assets, compared to about 24%–26% in North America and the UK. Younger family members often spearhead these allocations, eager to explore direct deals and innovative fund structures.

Philanthropy also evolves. Heirs increasingly adopt “giving while living,” focusing on donor-advised funds, charitable trusts, and direct impact projects. This approach transforms legacy into living purpose, blending financial stewardship with social good.

Legacy Beyond Money: Crafting Your Story

Numbers tell part of the story, but legacy transcends dollars. It is built on shared values, lessons learned, and aspirations passed down. Defining legacy as narrative invites families to weave personal histories with future visions.

• Embracing legacy as a personal narrative that connects generations through shared experiences.
• Financial strategies aligned with deeper values foster both security and fulfillment.
• Philanthropy with measurable impact and purpose ensures giving resonates across time.

Practical steps include documenting family milestones, hosting legacy workshops, and integrating storytelling into estate plans. By engaging heirs early, families cultivate financial literacy, shared responsibility, and respect for the values behind wealth.

Ultimately, embracing legacy as a personal narrative means celebrating your unique story while equipping future generations to write their own chapters with confidence and purpose.