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$2,000,000,000,000-$3,000,000,000,000 wealth transfer to happen this year as 'largest asset transfer in world history' nears climax: report

Big Four accounting firm Ernst & Young (EY) says the greatest transfer of wealth in human history is taking place, with trillions of dollars of assets transferred this year.

In its report on the global wealth management industry, EY estimated that baby boomers will transfer up to $3 trillion in assets to their relatives this year.

EY expects the “tidal wave” of wealth transfer from baby boomers to their families to continue into the start of the new decade.

“It is estimated that US$2-3 trillion will be inherited from wealthy donors in 2024; in many markets, tens or even hundreds of billions [of dollars] will change hands this year. In 2023, more billionaires were created through inheritance than through entrepreneurship.

The baby boomer wealth inheritance is not only the largest transfer of assets in world history; it will also have a transformative impact on female heirs and the next generation. By 2030, wealthy donors will transfer a staggering US$18 trillion to beneficiaries, roughly equivalent to China's annual GDP."

The company's wealth transfer of $18 trillion is significantly lower than estimates published by other firms. Global real estate consultancy Knight Frank believes that baby boomers will hand over $90 trillion to millennials over the next two decades, while others estimate the figure to be between $53 trillion and $84 trillion.

Amid "unprecedented" asset movements, EY warns that beneficiaries do not have the necessary knowledge, experience and connections to manage their newfound wealth.

“No two clients are alike, but many wealthy donors have common traits. Most of them are men aged 70 years and older.

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