Millennials poised to become the 'richest generation in history' - by inheriting $90 TRILLION from baby boomer parents over next two decades

• Millennials to inherit huge $90 trillion in property and equity assets from parents
• Young people are struggling to hit the same milestones as previous generations
• The majority of US homes are owned by older people amid rising housing costs

A gigantic wealth transfer over the next two decades will make millennials ‘the richest generation in history’, a new report has revealed.

Millennials in America alone will inherit a huge $90 trillion from property, shares and other assets over the next 20 years, according to the annual wealth report from real estate consultancy Knight Frank.

Baby boomers – those born between 1946 and 1964 – and the so-called silent generation – Americans born between 1928 and 1946 – will ‘hand over the reins’ to millennials born between 1980 and 1996, it said.

It comes as many younger people – millennials and Gen Z adults – are struggling to hit the same milestones as those from previous generations.

Soaring inflation, student debt and an unaffordable housing market have meant many young people have found it difficult to buy their own home or build up savings. Around 90 percent of housing stock is owned by over-40s, while 74 percent is owned by Americans over 50.

A gigantic wealth transfer over the next two decades is set to make millennials ‘the richest generation in history’, a new report has revealed

Baby boomers are famed for benefiting from great social mobility when house prices were low and labor conditions strong.

Figures from the Federal Reserve and wealth management firm Cerulli Associates, show that US households hold $159 trillion in assets.

Of this, boomers hold $78.1 trillion, while millennials hold just $13.3 trillion.

The silent generation, meanwhile, hold $18.6 trillion, while Generation X – those born between 1965 and 1980 – hold $46 trillion.

In recent years, a narrative has emerged that young Americans spend too much of their money on expensive coffee and avocado toast.

But the wealth disparity is largely attributed to rising property prices, which have shot up by around 500 percent since 1983 – when boomers were in their 20s and 30s and just getting onto the property ladder.

It comes as many younger people – Millennials and Gen Z adults – are struggling to hit the same milestones as those from previous generations

Soaring mortgage rates have priced many young people out of the property market

According to a recent report from real estate company Redfin, Americans are also spending twice as long in their homes before selling up.

The typical homeowner spends 11.5 years in their house today, up from 6.5 years two decades ago, it found.

Researchers said the trend is being driven by older homeowners who are not ‘financially incentivized’ to move. A lack of homes on the market also pushes up prices.

In decades to come, however, the landscape is set to change amid the so-called ‘great generational wealth transfer.’

The typical homeowner spends 11.5 years in their house today, up from 6.5 years two decades ago, according to a new report by Redfin

But a separate report last year has noted that the bulk of the ‘transfer’ will be between one group of already wealthy people to another.

Cerulli Associates estimates 68 percent of the wealth transferred between 2020 and 2045 will come from US households with at least $1 million in investable assets.

And only 6.9 percent of households have that kind of wealth to begin with.

The overwhelming cost of healthcare for older people, Cerulli added, means many households will not inherit much, even if their relatives seem well-off today.

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