A recent Wall Street Journal article (also featured on Realtor.com) reports that Generation X and Millennials are set to inherit a vast amount of real estate over the next decade as wealth shifts from older to younger generations—a trend often called the great wealth transfer. Citing a Coldwell Banker Global Luxury report that draws on Altrata’s Wealth-X data, the WSJ says approximately 1.2 million individuals with at least $5 million in net worth will pass down more than $38 trillion in assets worldwide. Of that, Gen X and Millennials are expected to receive about $4.6 trillion in real estate, including roughly $2.4 trillion in the United States.
In short, decades of wealth accumulation by baby boomers and older Americans are beginning to flow to their heirs, creating noticeable ripple effects across the luxury housing market.
Source: Realtor.com; Coldwell Banker Global Luxury report using Altrata’s Wealth-X data
Read more: – Realtor.com: https://www.realtor.com/news/trends/gen-x-and-millennials-will-inherit-trillions-in-real-estate-over-the-next-decade/ – Wall Street Journal: https://www.wsj.com/real-estate/luxury-homes/millennial-genx-inherit-real-estate-wealth-d78b4454?