2024-03-03 16:48:39
In the United States alone, nearly 90,000 billion dollars should circulate between generations, according to the Knight Frank agency. Vali / stock.adobe.com
In the United States, nearly $90 trillion in real estate assets are expected to soon fall into the pockets of millennials, according to the latest wealth report from Knight Frank.
They could end up becoming a “golden generation.” The 2024 edition of Knight Frank’s wealth report has not yet even been released in full and the Anglo-Saxon and American press are already massively relaying the shocking sentence that sums it up: millennials or generation Y, are on the verge of becoming “the richest generation in history”. The international real estate agency has in fact revealed an extract from its annual publication in a note.
“Over the next decade, a massive transfer of wealth and assets will occur as the Silent Generation (1920s to 1940s) and Baby Boomers (1945 to 1960s) pass the baton to Millennials (1980s-1990s) », the Knight Frank experts immediately explain. In the United States alone, nearly 90,000 billion dollars should circulate between generations, “making affluent millennials the richest generation in history”.
A windfall that should shake up the economic outlook. “The difference in perspectives between younger and older generations will result in a substantial reevaluation of marketing strategies for anyone wishing to sell products or services to this newly wealthy group”, analyzes the report. Especially since “this transfer is happening against a backdrop of seismic shifts in how assets are used”. And Generation Y’s preferred area of investment could well be the energy transition. As proof, Knight Frank puts forward its opinion survey according to which four millennials out of five would try to reduce their carbon consumption.
Also read: Rich, middle class… What is really the wealth of French households?
If the entire report will appear on March 6, the revealed extract did not fail to provoke a reaction. “Being part of the richest 1% of Americans is becoming more difficult”observe Bloomberg. The American channel CNBC she insists on the economic difficulties that the millennialsunable to buy a home or build solid savings, due to “soaring rents, rising inflation and student debt.”
For his part, the Guardian ironically about the image of millennialsSometimes “described as frivolous spenders squandering their income on overpriced coffee shops”reminding in passing that they always wear the “economic scars” of the 2008 financial crisis and that they “are struggling to catch up with the standard of living of older groups”. Before continuing: “their future financial firepower will likely be an unequal lottery, determined primarily by the inheritance of previous generations.” All that remains is to be born under the right star.
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