Millennials set to become ‘richest generation in history’ but only once their parents die off, study says

28 February 2024, 07:46

Millennials are set to become ‘the richest generation in history,’ according to a study - once the three previous generations holding ‘massive wealth’ in property die.

A new report says a “massive transfer of wealth and assets” will take place in the next two decades, making millennials born between 1980 and 1994 the ‘richest generation’ ever.

 When the silent generation (born from 1925 to 1945), the baby boomers (1946-1964), and the oldest cohort of Generation X (1965-1979), die, £2.5trillion in wealth tied up in their homes will be freed up, according to a study by Knight Frank.

The estate agent’s annual wealth report says the move of wealth into the hands of the younger generation will see new trends emerging in property ownership.

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Millennials will seek greener homes, will buy more environmentally friendly goods, and make more sustainable investments.

Liam Bailey, global head of research at Knight Frank, said: “The implications for investment managers and financial advisers, or for anyone else working with these new cohorts that will become wealthier, will be quite significant.”

An analysis by Savills last year found that over-65s have £2.588 trillion in equity tied up in property — £2.183 trillion in residential properties and £405 billion in rental — and only £147 billion in mortgage debt