The Ultra-Wealthy's Generational Shift: Why Baby Boomers' 45% Dominance Will Crumble to 17% by 2048

The composition of the world’s ultra-wealthy—those with net worth exceeding $30 million—is about to undergo a seismic transformation. Today, baby boomers command nearly half of this rarefied demographic, holding 45% of ultra-wealth globally. But according to the Altrata World Ultra Wealth Report 2025, this dominance won’t last. Within the next two decades, their share will plummet to just 17%, while Gen X, millennials, and Gen Z combined will capture 80% of ultra-wealth. This isn’t just a demographic shift—it’s a fundamental redistribution of financial power driven by one of history’s most consequential wealth movements.

The Great Wealth Transfer: $100 Trillion Changing Hands

The engine driving this generational wealth revolution is the “Great Wealth Transfer,” a period spanning from now until 2048 when approximately $100 trillion will transition from baby boomers to younger generations. This isn’t merely inherited cash sitting in bank accounts; it encompasses ownership stakes in private businesses, real estate portfolios, and complex asset structures accumulated over decades.

Jaclyn Smith, senior wealth strategist, notes that this wealth—created during the baby boomer era—will fundamentally reshape who controls capital and economic opportunities. Brian Gray, a certified public accountant, emphasizes that beneficiaries will inherit far more than liquid assets: “It also encompasses ownership in private businesses, including real estate assets.” This distinction matters because business ownership carries both opportunity and responsibility that straightforward financial inheritance doesn’t.

When Generational Power Transfers, What Actually Changes?

The shift from boomer dominance to younger generation control will ripple through multiple economic sectors. Many Gen X and millennial heirs plan to redirect inherited capital toward retirement security, a critical gap in their financial planning. Ashley Weeks, wealth strategist at a major financial institution, observes that “quite a few beneficiaries will likely receive a retirement lifeline” and may leverage these funds to address the housing affordability crisis, though structural challenges will persist.

However, inheriting wealth someone didn’t earn presents a paradox. On one hand, beneficiaries gain capital for entrepreneurship and strategic investments without the burden of generating it themselves. On the other hand, they risk becoming disconnected from money’s true value, potentially leading to poor decisions and wealth erosion within a single generation.

Preparing the Givers: What Wealthy Families Must Do Now

For baby boomers still controlling this massive wealth pool, preparation is urgent. A formal estate plan—including revocable trusts, wills, and durable financial powers of attorney—provides the legal scaffolding for smooth transfers. When family businesses are involved, succession planning becomes even more critical.

Beyond legal mechanics, Smith emphasizes the importance of non-financial preparation. This means creating space for meaningful family conversations about wealth’s origins, family values, and intentions for its use. One powerful tool is the legacy letter, where the wealth creator can articulate hopes, expectations, and the deeper meaning behind the resources being transferred. These quotes from the giver—expressed thoughtfully—help recipients understand that inheritance carries purpose beyond dollars.

Tax reduction strategies also warrant attention during this preparation phase, as they directly impact the net assets reaching the next generation.

How Younger Generations Can Ready Themselves to Receive

Responsibility flows both directions. Beneficiaries must actively build financial literacy, understanding tax implications, risk management, and wealth preservation. Smith recommends that families assemble an advisory team: financial advisor, estate planning attorney, CPA, and possibly a family dynamics specialist.

Weeks adds a crucial reality check: beneficiaries should assume nothing until funds arrive. Extended lifespans and escalating long-term care costs can significantly reduce expected inheritances. Rather than banking on an inheritance, the sounder approach is developing a comprehensive financial plan that treats the windfall as a bonus, not a necessity. This protective mindset builds the competency needed to manage substantial wealth responsibly.

The Wider Economic Picture

The Great Wealth Transfer represents more than personal finance—it’s an economic event that will reshape markets, business ownership patterns, and investment behaviors. As younger generations assume control of $100 trillion in assets, their values, risk tolerance, and priorities will likely steer capital in different directions than their predecessors.

The baby boomers’ 45% share of ultra-wealth today is not a permanent state but a transitional moment. The power to shape economies, fund enterprises, and determine financial futures is passing to generations with fundamentally different relationships to money and technology. By 2048, when their share shrinks to 17%, the ultra-wealthy landscape will look dramatically different—and families that prepare today will navigate that transition most effectively.