Legacy is more than just the wealth you accumulate; it is a story you pass down, a foundation upon which future generations build their dreams. In the coming decades, families will navigate an unprecedented transition as more than $124 trillion shifts hands by 2048. This transformation offers not only financial opportunity but also a chance to shape lasting values, encourage entrepreneurship, and foster deep connections. By understanding the numbers, attitudes, and strategies that define this great wealth transfer, you can craft a legacy that resonates far beyond monetary measures.

The Scope of the Great Wealth Transfer

As we consider the scale of the change ahead, the numbers are staggering. Analysts project a projected $124 trillion wealth transfer through 2048, with approximately $105 trillion flowing directly to heirs and $18 trillion allocated to charitable causes. Remarkably, Baby Boomers and older generations contribute a full 81% of this total—representing 81% from Baby Boomers and older. Meanwhile, high-net-worth and ultra-high-net-worth households—though only 2% of all families—are responsible for more than $62 trillion in transfers. This immense movement of capital will inevitably reshape family dynamics, philanthropic priorities, and the broader economic landscape.

Breaking down the beneficiaries of this wealth shift reveals new leaders on the horizon. Millennials stand to inherit the most, with Millennials leading with $46 trillion over the next quarter-century. Gen X heirs follow, poised to receive $14 trillion in the next decade alone, while Gen Z will inherit roughly $15 trillion overall. These figures challenge prior assumptions about generational privilege and underscore the importance of preparing young adults to steward significant assets responsibly, balancing ambition with a sincere commitment to long-term growth.

Beyond direct descent, nearly $54 trillion will change hands between spouses, including a notable $40 trillion destined for widowed women in Boomer and older generations. Charitable giving will also surge as families integrate values-driven philanthropy into their estate plans. This era will demand sophisticated planning tools and empathetic communication to ensure wealth fulfills aspirations rather than fractures relationships, offering both financial security and a meaningful legacy across personal and communal spheres.

Generational Attitudes and Expectations

In examining how families envision their legacies, attitudes toward inheritance vary widely. As of 2025, 31% of U.S. adults plan to leave an inheritance or gift—up from 26% the previous year. Gen Z leads with 39% intending to pass on assets, followed by Millennials at 32% and Boomers at 30%. However, only 20% of all adults expect to receive an inheritance, with Gen Z again highest at 30%. These dynamics highlight that intention alone does not guarantee preparedness, and proactive dialogue remains essential for bridging perception gaps.

Despite broad consensus on the importance of estate discussions—97% of parents acknowledge their value—surprising communication gaps persist. More than half of parents have never shared their net worth with children, and nearly half admit to delaying crucial estate planning conversations. Yet, 95% of adult children report readiness to manage inherited wealth when it arrives. Addressing this disconnect requires families to deepen cross-generational financial literacy, embrace transparent goal-setting, and foster an environment where aspirations, fears, and responsibilities are openly discussed to ensure that wealth empowers rather than overwhelms future stewards.

Investment Trends Shaping Portfolios

Alongside evolving attitudes, investment preferences among younger generations are reshaping portfolio landscapes. Millennials and Gen Z increasingly favor private markets—private equity, direct real estate, and startup ventures—over traditional public equities. Family offices report growing allocations to evergreen funds and regionally specific instruments like European Long-Term Investment Funds (ELTIFs) and U.S. interval funds. This shift reflects a desire for greater control, alignment with personal values, and potential for outsized returns. To honor a legacy of growth, families must balance these aspirations with risk management and long-term horizon planning.

• APAC: 40% to private markets, 60% to public equities
• Continental Europe: 34% to private markets, 66% to public investments
• UK: 24% to private markets, 54% to public equities
• North America: 26% to private markets, 51% to public equities

Looking ahead, 84% of family offices plan to increase allocations to Europe, 78% to APAC, and 63% to North America over the next two to three years. Drivers include robust long-term performance, portfolio diversification, and cost-efficiency considerations. In markets like APAC and Continental Europe, business ownership dominates wealth creation, while the UK and North America rely heavily on inherited assets. Navigating these regional nuances requires tailored asset allocation and a nuanced appreciation of global economic drivers to ensure your legacy is both resilient and growth-oriented.

Strategies for a Lasting Legacy

Building a legacy is both an art and a science. Wealth management firms and families alike emphasize the importance of prioritize tax-efficient structures and strategies to preserve capital across generations. Equally vital are robust asset allocation frameworks, customized to match family goals and values. Regular family meetings—endorsed by 89% of firms—cultivate trust, foster shared vision, and allow for timely adaptations as life circumstances evolve. By weaving together thoughtful governance, open communication, and expert guidance, families can transform substantial transfers into enduring foundations for prosperity.

• Hold regular family wealth meetings
• Develop tax-efficient structures and strategies
• Customize portfolios to align with values
• Encourage entrepreneurship among heirs

Additionally, embracing philanthropy as a core pillar can unify purpose and practice, granting younger generations the opportunity to direct funds toward causes that resonate with their values. Tools to embrace values-driven wealth stewardship help heirs connect financial growth with social impact. Integrating digital tools and reporting platforms ensures transparency and accessibility, meeting the expectations of tech-savvy heirs. Finally, surrounding your family with advisors who blend financial acumen with emotional intelligence provides a safety net when navigating complex decisions.

Embracing the Future: Practical Steps

The journey toward a thriving intergenerational legacy begins with practical, actionable steps. First, initiate conversations early—legacy planning is most effective when started decades before transfer. Second, engage legal, tax, and investment professionals to crystallize your vision and ensure compliance with evolving regulations. Third, craft clear documentation—trusts, wills, and philanthropic vehicles—that reflect both your financial objectives and personal values. By embedding both structure and story into your plan, you provide heirs with the guidance and inspiration they need to steward wealth responsibly.

• Start conversations early and often
• Engage professional advisors for guidance
• Document your vision and values clearly
• Foster financial education for younger generations
• Incorporate philanthropy into your plan

As trillions of dollars prepare to change hands, the choices made today will echo through time. By coupling pragmatic financial strategies with heartfelt storytelling, families can transform wealth transfers into opportunities for empowerment, growth, and purpose. Remember that a true legacy is measured not only in dollars but in the courage of heirs to dream boldly, the bonds forged through open dialogue, and the impact of resources shared with broader communities. Now is the time to act—craft your legacy with intention, generosity, and unwavering commitment to the generations that will follow.