Millennials Close Wealth Gap; Boomers Face Risks

An Altrata-backed analysis finds Millennials and Gen Z are already beginning to become the largest cohort of people worth more than $30 million and currently make up about 8% of the ultra‑high‑net‑worth population, with that group projected to comprise roughly one‑third of UHNW individuals by 2040. The shift is driven by the Great Wealth Transfer and new wealth sources such as tech startups, cryptocurrency and social media fortunes. Baby Boomers still hold outsized economic power, owning more than 65% of businesses with employees (about four million companies) and controlling an estimated 80% of total U.S. net worth. More than 78 million Boomers plan to retire in the next 10–15 years but are retiring later (planning ages 65–69), and their greater longevity (living roughly 30 years longer than predecessors) means asset transfers will be gradual and complex. That combination of delayed retirements, concentrated business ownership and complex transfers raises significant wealth‑planning challenges and increases the risk of substantial financial losses for some Boomers if transitions are not managed carefully.