Why are generations 8X and 9X said to be the richest in history?

Generation 8X, 9X will inherit huge assets

Millennials are often seen as having more extravagant lifestyles and spending habits than previous generations.

According to research by real estate consulting group Knight Frank (UK), in the next 20 years, the 8X, 9X generation, also known as Gen Y (those born from 1981 to 1996) will have the opportunity to experience an "earthquake", thanks to the real estate assets accumulated and passed down by their fathers and grandfathers.

While the distribution of material wealth has been shifting between regions of the world, an even greater shift is taking place between generations.

Knight Frank said in its 18th annual wealth report that the shift will see $90 trillion worth of wealth transferred between generations in the US alone, which could “make Millennials the richest generation in history”.

Research shows that 75% of Millennials expect their wealth to appear by 2024 when they officially inherit assets from their grandparents and parents.

While the inheritance rate for Baby Boomers (those born between 1944 and 1964) is 53%, Generation X (those born between 1965 and 1980) is 56% and Generation Z (those born between 1997 and 2012) is 69%.

Generation 8x, 9x do not wait until rich

Gen Y (born between 1981 and 1996) owns more assets than previous generations due to inheritance (Photo: Money).

While waiting for their inheritance, many Millennials are still reeling from a series of economic "shocks", such as the 2008 crisis that brought with it a series of financial difficulties, caused by the Covid-19 pandemic, Brexit (Britain's exit from the European Union - EU) and conflicts in several countries.

Millennials are the generation most likely to be multitaskers, according to H&R Block's 2023 American Life Outlook. They may not own property or have a lot of money in the bank, but they are highly mobile, "pushed by circumstance."

Millennials' wealth opportunities don't just come from inheriting family fortunes, some have the potential to become self-made millionaires, Mike Pickett, a director at Cazenove Capital, said in the report.

According to Pickett, Millennials' opportunities to get rich are quite diverse, for example, this generation has seen the emergence of countless YouTubers who have created tens of millions of dollars in assets, as well as a variety of other business methods.

Knight Frank's report also calls on the financial sector to be ready to catch the "wave" of this wealthy generation by providing wealth management services "on their wavelength."

This is especially helpful as more and more young people emerge with surprising fortunes they have created during the COVID-19 pandemic years.

The report also revealed that the number of super-rich is also on the rise. The number of ultra-high net worth individuals, defined by Knight Frank as those with assets of over $30 million, has increased by 44% over the past five years.

Over the next five years, Knight Frank predicts the number of ultra-rich people will increase by 28%, mainly in India and mainland China.

Invite readers to watch videos of interest on Family and Society

The Body Shop files for bankruptcy in multiple countries

Source: https://giadinh.suckhoedoisong.vn/vi-sao-the-he-8x-9x-duoc-cho-la-se-giau-co-nhat-lich-su-172240313140024383.htm