In Partnership with
In advance of the fourth annual Modern Affluence Summit hosted in London, the Modern Affluence team working in partnership with The Future Laboratory alongside VGC Partners to explore the hype to look at what this shift really means in terms of modern affluent behaviours and the insights driving them.
Over the next 30 years an estimated $81 trillion is set to transfer to younger generations in what has already been dubbed “The Great Wealth Transfer”. Over 50% of American wealth is now inherited, according to the Wall Street Journal, with 15% of American adults expecting to receive an inheritance from a parent, spouse, family member or another individual in the next 10 years. Millennials and Gen Zs, who in 2019 made up 40% of the luxury personal goods market, are set to represent 75% of the segment by 2026 becoming the dominant players, according to Boston Consulting Group.
Global financial sector needs to consider how their politics, attitudes and increasingly activist mindsets will affect their views on investment. The report demonstrates that this generational exchange isn’t just about financial capital, it’s also about its cultural, social, ethical and environmental counterparts – how we embrace them, learn them, and finally practice them with a more long-term altruistic outlook.