A godsend for “Millennials”… at least if their parents are wealthy. This generation of people born between 1980 and 2000 could be the “richest in history,” notes British firm Knight Frank, as seen by Le Figaro.
This first extract from the annual report, which will be published this Wednesday, highlights the “massive transfer of wealth and assets” over the next ten years, as the “silent generation (born between 1920 and early/mid 1940) and the baby boomers (roughly 1945 and (born between 1960) will pass the baton into the millennium.”
“Millennials” more vulnerable to ecological transition
In total, these transfers represent $90,000 billion, in the United States alone, primarily in the form of inheritances, making “wealthy millennials the richest generation in history.”
This wealth can be used differently, as the areas of interest between older and younger generations are not the same, for example, the latter are more sensitive to the issue of climate change. Knight Frank notes that 80% of millennial men and 79% of women say they are trying to reduce their carbon footprint. “Baby Boomer” men have a different perspective, “only 59% of them are trying to reduce their impact, which is even lower than their female counterparts (67%).
“A Series of Financial Headwinds”
In response to this first part of the international real estate consultancy agency’s report, British media The Guardian recalls that “millennials” are still “in shock” from the financial crisis of 2008, followed by “a series of financial headwinds caused by the Covid-19 pandemic, Brexit and the war in Ukraine. A generation which has “dedicated a large proportion of (its) income to housing costs” due to rising rent prices”. In short, “their future financial power” may be “the result of an unequal lottery, determined mainly by the legacy of previous generations”.
A similar CNBC story, “Rising Rising,” also points to “rising inflation and student debt.” Factors that contribute to the difficulties of “Millennials” in buying a home or building up savings. Ultimately, these multiple reasons fueled the initial conclusion of the Knight Frank report.
