Baby Boomer Wealth Transfer to Younger Generations Estimated at $36 Trillion

U.S. baby boomers hold roughly $93 trillion in assets, more than three times the size of the 2025 U.S. GDP. New research from Visa Business and Economic Insights estimates that after accounting for liabilities, taxes, fees and the exclusion of the top 1 percent, about $36 trillion will be passed to Gen X and millennial heirs over the next 20 years. Of that amount, only around $8 trillion is expected to be spent, as many inheritors are already affluent and likely to save or invest the funds.

A separate Bank of America report projects that roughly $124 trillion in wealth will shift from older to younger generations, with a strong preference among Gen Z and millennial investors for alternative assets. About 88 % plan to increase allocations to alternatives such as cryptocurrency, private equity, commodities and collectibles. Crypto is highlighted as the top wealth‑creation opportunity, with 58 % of younger investors already owning digital assets. Advisors are playing a larger role, with roughly 80 % of ultra‑high‑net‑worth families involving wealth managers in estate‑planning discussions.

The combined effect suggests a significant reallocation of wealth toward alternative investments and a modest boost to consumer spending in sectors like housing and travel.