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3 standout trends from the 2024 Study of Wealthy Americans

See how generational dynamics and the impending wealth transfer are influencing financial strategies.

As the first babies of Gen X approach their 60th birthdays, a massive generational transfer of wealth has already begun. With American wealth increasingly under “new management,” our 2024 Study of Wealthy Americans reveals how viewpoints differ across generations and across wealth journey, meaning the life path that brought people to wealth. This year, the study also dove into new questions around emotions related to wealth decisions. This research represents American adults with $3 million or more in investable assets. 

“We’re living through a period of great social, economic and technological change alongside the greatest generational transfer of wealth in history. This study shows that wealthy Americans are focused on diversification, long-term goals and making a lasting impact with their wealth.” 

Katy Knox President of Bank of America Private Bank

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Read our full 2024 Bank of America Private Bank Study of Wealthy Americans for a more in-depth look at these trends.


Key trends from the 2024 Study of Wealthy Americans

Each of the following sections are expanded/contracted areas (+/-):  


Amid wealth transfer, perspectives shape goals and decisions

As wealth shifts toward the younger generations, these perspective differences could drive new patterns and trends in financial decision-making. The very human experiences that go into shaping these viewpoints are valuable to understand, both for the investors themselves and for the advisors looking to support them with guidance.

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A profile of wealth in America

This research was conducted by Bank of America Private Bank in partnership with research firm Escalent. The findings reflect the responses of 1,007 U.S. individuals aged 21 or older, with investable assets over $3 million. It was designed to be a statistically representative sample of the population in the U.S. that meets these two criteria. The survey was fielded in January and February of 2024.

Respondents were 65% baby boomers, ages 57 to 76. 16% Generation X, ages 44 to 56. 12% millennials, ages 27 to 43. 7% Silent Generation, ages 77 and older. 1% Generation Z, ages 21 to 26.
67% of respondents have between $3 million and $5 million in household investable assets, 18% have between $5 million and $10 million, and 15% have more than $10 million
67% of respondents were male and 34% were female
32% of respondents had a legacy-wealth life journey, 45% are considered head start and 23% are self-made

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