New report projects $31T wealth transfer among world’s richest by 2033

investmentnews.com:

Altrata, a prominent player in the people intelligence space, has published a new report projecting a substantial global wealth transfer among the world’s well-heeled elite over the next decade.

Altrata’s Family Wealth Transfer 2024 report anticipates that over 1.2 million affluent individuals will transfer $31 trillion by 2033, surpassing the GDP of the US and exceeding ten times the market capitalization of Microsoft.

Drawing on Altrata’s Wealth-X data, the report emphasizes the impending generational wealth transfer among individuals with a net worth of at least $5 million. It notes that individuals with net worths exceeding $100 million will constitute nearly half of this considerable wealth transfer by 2033.

Among its key findings, the report indicates rich individuals in North America and Europe will dominate global wealth transfers, making up 71 percent of the total. In North America, nearly 600,000 affluent individuals will transfer just over $14 billion. By contrast, Asia will see only one-fifth of these wealth transfers.

A significant portion of those transferring wealth, 87 percent, are “very high net worth” individuals, with $5 million to $30 million in net worth.

The research shines a spotlight on Generation X, noting most heirs in their mid- to late 40s are set to inherit the fortunes from their wealthy parents first. That flies in the face of the widespread emphasis on Generation Y and Generation Z inheritors, who are more likely to receive inheritances from their grandparents.

The report also reveals a shift in philanthropic interests among beneficiaries, who are increasingly focused on environmental and healthcare causes and show a higher engagement level with philanthropy than those passing on their