By IC, Sep 21 2020 08:00AM
The over-hyped generational wealth transfer may well not happen as expected. Global financiers have been anticipating a massive transfer of trillions in assets from HNW baby boomers to their heirs over the next several decades.
We have found that fewer baby boomer parents plan to leave an inheritance to their children, some of that may be due to the expected costs of health care in old age but many HNWIs take inspiration from new-generation entrepreneur tech billionaires such as Jeff Bezos, Mark Zuckerberg, Azim Premji, Carlos Slim Helu et al who have promised to donate the majority of their wealth to good causes rather than ‘burden’ their children with the responsibility and conflict that sometimes comes with great wealth.
The reliance on increasing property values, for some, is enough as a way of passing on good fortune to children but for some Millennials, the bank of Mum and Dad has closed the account.