Bank of America Private Bank surveyed more than 1,400 respondents (ages 21+) with at least $3 million in investable assets to closely examine how high-net-worth individuals are navigating current markets and addressing next-generation succession planning. Amidst the $124 trillion wealth transfer expected in the United States - with annual transfers from the Baby Boomer generation projected to reach nearly $5 trillion by 2048¹ - the 2026 Study of Wealthy Americans provides insight into how this wealth transfer is already underway and how wealthy individuals are leveraging it.

These younger investors with legacy wealth generally begin working with advisors earlier in life than other wealthy individuals. With continued interest and allocations towards alternative investments, frequent advisor conversations are among the top reasons individuals are interested in alternatives, following benefits of portfolio diversification and return potential. However, relationships between advisors and wealthy individuals also represent a meaningful dialogue that extends beyond investments into other areas that wealthy individuals are passionate about, including valuable art collections, business succession planning, philanthropy, longevity as part of financial planning, and more.

The wealth transfer, succession planning, and preparation of inheritances for the next generation are also top of mind for wealthy individuals and their advisors. Although many already discuss these topics with advisors today, estate planning and facilitating discussions with family members about the use of wealth remain among the top areas that wealthy individuals wish to discuss more with advisors.

Further, ultra-high-net-worth individuals (those with $25M+ in investable assets) are engaging in succession planning to help facilitate the continued wealth transfer.

• 79% involve their advisors in estate planning conversations with their heirs.
• 36% indicate their heirs are very prepared for their inheritance, yet 61% are concerned about how family wealth may impact heirs’ personal motivation for success.
• Specific actions to address heirs’ motivations include supporting their heirs’ business ventures (51%), incorporating provisions into trusts (41%), and not disclosing the full amount of family wealth (36%).

Since 2024, family member involvement in businesses has also increased across a range of leadership and decision-making roles. These roles include participating in decision-making, serving in senior or middle management positions, and holding seats on existing boards. As they look to the future, a notable portion of business owners report having no plans to transition out of their business. Those who inherited their business are even more likely to report having no current plans to exit, though the majority ultimately expect to sell or transfer ownership to family members when the time is right.

Even businesses on a successful trajectory of building wealth and establishing a legacy face ongoing challenges. Top business challenges include operational components like managing taxes, scaling up operations, and attracting talent.

As an additional challenge, more business owners are relying on a combination of personal/family funds and external financing to launch or operate their business. Start-up funds coming from personal or family resources alone have steadily declined since 2022: 

• 2022: personal or family resources 66%
• 2024: personal or family resources 62%
• 2026: personal or family resources 47%

If interest rates decline in the near future, ultra-high-net-worth individuals in particular are likely to continue utilizing credit to take advantage of lower rates while balancing their financial priorities, tax optimization strategy, and succession planning.

These financial decisions are increasingly being made within the context of longer-term wealth and legacy planning, where longevity and increasing life expectancy are often central considerations, and already among the top areas of conversation wealthy individuals are having with their advisors. 

These conversations have likely reinforced confidence in existing succession plans, with most individuals from the Boomer/Silent generation indicating that they would not delay their wealth transfer timelines even if longevity-related adjustments were needed. At the same time, longer planning horizons likely will not erase unexpected events or wealth strategy changes. Flexible financial tools, like strategic credit, are increasingly important for optimizing wealth strategies, managing liquidity needs, and meeting ideal timelines for wealth transfer.

To explore the full findings, download the 2026 Bank of America Private Bank Study of Wealthy Americans.

¹ The Cerulli Report: “U.S. High-Net-Worth and Ultra-High-Net-Worth Markets”, June 2025