You might be surprised at the scale of it. Tens of millions of Americans are going to get an immense wealth transfer in the coming decades.
There are currently around 11 to 13 million millionaire households (excluding primary residence value) in the US.
Credit Suisse claimed in 2015 that there were 15.7 million individual millionaires in the US, so perhaps that figure is approaching 18 to 20 million today. Per that report, the US had about ~47% of all the world's millionaires (since that was 2015, China has no doubt climbed further). In that report, they listed that nearly half of all people on earth worth more than $50m were in the US (around ~60,000 in the US, plausibly quite higher now).
There are 1.35 million households worth between $5m and $25m. And 172,000 households worth over $25m.
The stock market move in 2017 alone added 700,000 new millionaires for example.
The US has about five to six million high net worth individuals, that control at least $20 trillion in wealth.
Tens of millions of Americans are going to get an immense wealth transfer in the coming decades.
You're right, but not in the way you think. It won't be the children of those old people who get the money; it'll be the people who provide services for the elderly. People are living much longer and they often don't have pension provision that scales well, so as they get older they have to rely on selling assets to pay for things like healthcare.
There are currently around 11 to 13 million millionaire households (excluding primary residence value) in the US.
Credit Suisse claimed in 2015 that there were 15.7 million individual millionaires in the US, so perhaps that figure is approaching 18 to 20 million today. Per that report, the US had about ~47% of all the world's millionaires (since that was 2015, China has no doubt climbed further). In that report, they listed that nearly half of all people on earth worth more than $50m were in the US (around ~60,000 in the US, plausibly quite higher now).
There are 1.35 million households worth between $5m and $25m. And 172,000 households worth over $25m.
The stock market move in 2017 alone added 700,000 new millionaires for example.
The US has about five to six million high net worth individuals, that control at least $20 trillion in wealth.