Starkly shifting attitudes amid a historic wealth transfer
What our 2022 Study of Wealthy Americans revealed about differences between generations
The next gen is expected to inherit $73 trillion in the coming years, and they could be poised to make very different decisions with their money than previous generations.
In our recent report on wealth, we found stark differences in the ways that older and younger generations look at some questions related to wealth – matters of philanthropy, of investment choices, of legacy and estate planning, and even art. In the context of the historic wealth transfer on the horizon, these differences suggest major shifts to come as younger generations take the reins on decision making for household wealth.
Viewpoints are not just shaped by age, however. We also found that in certain topic areas, attitudes are strongly affected by other markers – including gender, racial identity and wealth “journey,” which captures the distinct experiences of legacy wealth, self-made wealth and those in-between.
Key trends from the 2022 Study of Wealthy Americans
EACH OF THE FOLLOWING SECTIONS ARE EXPANDED/CONTRACTED AREAS (+/-):
More change ahead
Though America becomes more diverse with every generation, that diversity has not fully reached the wealthy population included in this study, yet. Still, a very American form of diversity is well-represented among the older cohort – a share of the wealthy population that is fully or mostly self-made. Among baby boomers and the silent generation, there are as many self-made wealthy as there are legacy wealth, according to our analysis.
The younger respondents included in this study primarily represent legacy wealth, as the self-made among that cohort are early on the path toward building their wealth. As younger self-made people join the wealthy population, they are likely to bring even more diversity, both demographically and in terms of viewpoints. The shifting attitudes among the younger generation will impact the ways that families invest, give and pass on wealth in the decades to come.
To read the full 2022 Bank of America Private Bank Study of Wealthy Americans, download the report here.
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