Will Gen Z be the richest generation by 2035?

A recent report by Bank of America shows that Gen Z (born between 1997 and 2012) will become the richest generation in the next 10 years.

Bank of America (BoA) analyzed that in the next 10 years, Gen Z will become the largest force, accounting for about 30% of the global population, with a total income of 36,000 billion USD, increasing to 74,000 billion USD by 2040. Meanwhile, Gen Z's income in 2023 is only 9,000 billion USD, Newsweek reported on March 19.

The report came as a surprise to some, given the many challenges facing Gen Z in today’s economy, including rising living costs and difficulty in buying a home. They are also considered the biggest spenders, with Gen Z spending estimated to reach $12.6 trillion globally in 2030, up from $2.7 trillion in 2024.

Young people shop at a store in Italy

Another BoA ​​survey in mid-2024 found that 52% of Gen Z respondents said their income was not enough to meet the lifestyle they wanted, with high living costs being the biggest financial challenge.

Gen Z will also have higher levels of education than previous generations, along with higher incomes. A BoA report released on March 14 said that Gen Z wages increased 8% in February compared to the same period in 2024. However, this generation is facing a very bad labor market situation. The number of Gen Z households in the US receiving unemployment benefits increased by nearly 32% in February compared to the same period last year.

According to Fortune , Gen Z tends to spend more on shopping and other forms of entertainment, rather than saving for goals that are unlikely to be achieved. BoA's report also commented that this will be the generation that has a big impact on the economy, markets and social systems, with changes in saving and spending behavior.

Source: https://thanhnien.vn/gen-z-se-la-the-he-giau-nhat-vao-nam-2035-185250320091940534.htm