Visa Cuts Great Wealth Transfer to $36 Trillion From $124 Trillion as Costs Erode Inheritances
Updated
Updated · USA TODAY · Jul 13
Visa Cuts Great Wealth Transfer to $36 Trillion From $124 Trillion as Costs Erode Inheritances
3 articles · Updated · USA TODAY · Jul 13
Summary
$36 trillion—not $124 trillion—is what Visa Business and Economic Insights says will actually reach Gen X and millennial heirs over the next 20 years.
Boomers' estimated $93 trillion in assets is reduced by more than $4 trillion in debt, wealth parked in charitable foundations, retirement spending, and then taxes, fees and giving.
Three-quarters of likely heirs already sit in the top 10% by affluence, meaning much of the inheritance is expected to flow to households that are already wealthy.
About $8 trillion of the transferred wealth is projected to turn into consumer spending, with most of the rest likely headed into savings, property and investments.
Visa said younger generations still enter the period in relatively strong shape, estimating inflation-adjusted per-capita net worth at about $200,000 for millennials and $600,000 for Gen Xers.